‎Al Othaim Investment increases capital to SAR 1.5 bln through 50% bonus issue, pays SAR 2/share dividend

‎Al Othaim Investment increases capital to SAR 1.5 bln through 50% bonus issue, pays SAR 2/share dividend

Abdullah Al Othaim Investment Co. (AOIC) decided to increase capital to SAR 1.5 billion through a 50% bonus share distribution (one-for-two bonus shares).

The company also approved a 20% cash dividend at SAR 2 per share, totaling SAR 200 million, from retained earnings.

In a statement, of which Argaam picked a copy, the company said it posted a net profit of SAR 220 million for the first nine months of 2022, a year-on-year (YoY) rise of 37%. Total revenue also grew 14% YoY to SAR 695 million.

Profit margins rose 24% YoY to SAR 354 million, driven by revenue growth on stable performance and improved operating segments that include malls, entertainment and fashion retail, as well as entertainment businesses in Egypt, the UAE, Qatar, Oman and Bahrain.

CEO Meshaal bin Omairh said that the company's capital increase decision came within the framework of its expansion strategy, which aims to open 20 new malls across the Kingdom. This is besides plans to expand investment activities, further diversify and seize stimulating investment opportunities.

He added that the company opened three new malls through the acquisition of Al Othaim Mall Ar Rass, and the opening of Al Othaim Mall Hafr Al-Batin and Al Othaim Mall Al-Khafji.

This brought the