Riyadh – Mubasher: Al Kathiri Holding Company reported lower net profits in 2020 by 39.7% to SAR 9.7 million from SAR 16 million a year earlier.
The plunge in annual earnings was ascribed to a hike in operating, production, and raw material expenses as well as general and administrative expenses, according to a bourse statement on Tuesday.
Revenues stood at SAR 104.4 million in 2020, a rise of 16.7% when compared to SAR 89.5 million in 2019.
In a separate filing, the Tadawul-listed firm said its board approved increasing the company's capital through capitalising SAR 22.6 million from the retained earnings by granting one bonus share for every four owned shares.
The company’s capital will be increased by 25% to SAR 113.022 million from SAR 90.417 million.
The capital hike, subject to the approval of official authorities and the extraordinary general meeting (EGM), aims to support the company’s financial position and meet the needs for future expansions.
