Halwani Brothers Company announced the Board of Directors’ recommendation to distribute cash dividends to shareholders for the fiscal year 2021, at a rate of 20% of the nominal value of the share.
The company said in a statement posted on the Saudi market website, “Tadawul”, that the total value of the distributed amount is 70.7 million riyals, which will be distributed among 35.36 million shares entitled to dividends.
The share of the dividend is 2 riyals per share.
The date of eligibility for profits for the company’s shareholders who own shares will be on the due date who are registered in the company’s shareholders register at the Securities Depository Center at the end of the second trading day following the day of the company’s general assembly, and the date of its holding will be announced later, after obtaining the necessary approvals from the competent authorities.
Halwani Bros. had announced a 44% decrease in its quarterly profits for the third quarter of this year.
The company’s data showed that the net profit during the third quarter amounted to 14 million riyals, compared to 25.04 million riyals during the same period last year.
Revenues decreased during that period by 7.5% to reach 236.9 million riyals.
The reason for the decrease in net profit during that period is due to the decrease in the company’s revenues in Saudi Arabia during the current quarter compared to unusual sales for the same quarter of the previous year due to the impact variable (Covid-19), despite the increase in the revenues of the subsidiary company in Egypt.
