Riyadh – Mubasher: Savola Group submitted an application file to the Capital Market Authority (CMA), on 28 April 2024, to raise its capital to SAR 11.33 billion from SAR 5.33 billion.
The listed group plans to increase its capital by offering rights issues shares valued at SAR 6 billion, according to a recent bourse disclosure.
Last February, the board members recommended the capital hike to anchor the company’s financial position and expand its portfolio.
In the 12-month period that ended on 31 December 2023, Savola Group recorded 21.06% higher net profits at SAR 899.19 million, compared to SAR 742.75 million in 2022.
Revenues fell by 4.32% to SAR 26.84 billion last year from SAR 28.05 billion in 2022, while the earnings per share (EPS) increased to SAR 1.69 from SAR 1.39.
