Bahri shareholders to vote on capital hike, 5% cash dividend for 2022 on June 19

29/05/2023 Argaam Exclusive

National Shipping Company of Saudi Arabia’s (Bahri) shareholders are set to vote on increasing capital from SAR 4.92 billion to SAR 7.38 billion via a 50% bonus issue (one bonus share for every two shares held), during the extraordinary general assembly meeting (EGM) slated for June 19, according to a statement to Tadawul.

 

In addition, they will vote on a board recommendation for a cash dividend payment at 5%, or SAR 0.5 a share, for 2022.

 

Meanwhile, shareholders will authorize the board of directors to distribute dividends for 2023 on a quarterly or semi-annual basis. The maturity date will be determined in accordance with the Implementing Regulation of the Companies Law for Listed Joint Stock Companies, and the company's financial position, cash flows, expansion and investment plans.

Cash Dividend

Current Capital

SAR 4.92  bln

No. of Shares

492.2 mln

Total Dividend

SAR 246.1 mln

Percentage of Capital

5% (SAR 0.5 a share)

Record Date

June 19, 2023, including shareholders registered with Edaa on the second trading day following the record date

Payment Date

July 16, 2023

 

Details of Capital Top-Up – Bonus Issue

Current Capital

SAR 4.92  bln

Number of Shares

492.2  mln

Percentage of Capital

50% (One bonus share for every two shares held)

New Capital

SAR 7.38  bln

No. of Shares

738.3  mln

Purpose

Strengthening the company's capital base in line with its expansion and growth plans, in addition to creating higher value in the long term via investments in a number of available opportunities.

Method

Capitalizing SAR 351.75 mln from statutory reserve and SAR 2.11 bln from retained earnings.

Dividend History (SAR/share) Corporate Actions

Announcement Ex-Dividend Payment Dividends
(M Riyal)
Dividends * Notes
15/03/2023 19/06/2023 16/07/2023 246.09 0.33
21/09/2021 05/10/2021 24/10/2021 393.75 0.53
28/01/2021 26/04/2021 09/05/2021 393.75 0.53
21/09/2020 05/10/2020 22/10/2020 393.75 0.53
20/01/2020 20/04/2020 10/05/2020 393.75 0.53
29/09/2019 13/10/2019 31/10/2019 196.88 0.27
11/12/2018 14/04/2019 28/04/2019 590.63 0.80
14/12/2017 17/04/2018 03/05/2018 590.63 0.80
18/12/2016 16/01/2017 31/01/2017 984.38 1.33
24/12/2015 06/04/2016 21/04/2016 984.38 1.33
Historical dividend per share adjusted for the effect of capital changes and bonus shares, if any

Dividend History

Consolidated cash dividend Cash dividend per share (SAR) * The stock price at the beginning of the period (SAR) Return on the base price
Last 3 Financial years 1.93 20.92 9.24 %
Last 5 Financial years 3.53 16.66 21.21 %
Last 10 Financial years 8.60 10.40 82.66 %
Based on the beginning of the period (January 1 of the base year)

Historical Dividends

Valuation Data (Latest Share Price)

P/E (TTM) 10.02
P/E Before Unusual Items (TTM) 11.26
P/BV 1.60
Dividend Yield 2.49 %
Market Cap. (M) 21,004.07
Return on Average Assets 8.60 %
Return on Average Equity 17.06 %

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