Bahri shareholders approve 5% dividend for 2022, 50% capital hike

20/06/2023 Argaam Exclusive

Shareholders of the National Shipping Company of Saudi Arabia (Bahri) approved on June 19 the board proposal to increase capital by 50% from SAR 4.92 billion to SAR 7.38 billion through a bonus share distribution, according to a statement to Tadawul.

 

Shareholders also approved the board’s recommendation to distribute cash dividends at 5% (SAR 0.5 per share) for 2022, the statement added.

 

Cash Dividends

Current Capital

SAR 4.92 bln

No. of Shares

492.2 mln

Dividend

SAR 246.1 mln

Percentage of Capital

5% (SAR 0.5 a shre)

Record Date

June 19, 2023 (Shareholders of record and those registered with Edaa on the second trading day following the general meeting)

Payment Date

July 16, 2023

 

Capital Increase Details

Current Capital

SAR 4.92 bln

No. of Shares

492.2 mln

Percentage of Increase

50% (One bonus share-for-every two outstanding shares)

New Capital

SAR 7.38 bln

No. of Shares

738.3 mln

Record date

June 19, 2023 (Shareholders of record and those registered with Edaa on the second trading day following the general meeting)

Reason

Within the company’s strategy to enhance the capital base, in line with growth and expansion plans. in addition, to creating higher value in the long term via investments.

Method

Capitalization of SAR 351.75 mln from the statutory reserve and SAR 2.11 bln from the retained earnings. 

 

They also authorized the board to pay a semi-annual or quarterly interim dividend for 2023.

 

Additionally, Tadawul announced that the fluctuation limits were based on a share price of SAR 22.90 today, June 20, and the outstanding orders will be cancelled.

 

Bonus shares will be added to investor accounts before the start of trading on June 22, 2023.

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 1.42 21.45 6.60 %
Last 5 Financial years 3.28 17.74 18.51 %
Last 10 Financial years 8.62 15.53 55.50 %
Based on the beginning of the period (January 1 of the base year)

Historical Dividends

Valuation Data (Latest Share Price)

P/E (TTM) 10.04
P/E Before Unusual Items (TTM) 11.84
P/BV 1.60
Dividend Yield 2.49 %
Market Cap. (M) 21,040.98
Return on Average Assets 8.65 %
Return on Average Equity 17.06 %

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