Riyadh – Development Works Food Company submitted a request to the Capital Market Authority (CMA) on 25 July to increase its capital through a rights issue worth SAR 216 million.

The Saudi listed firm appointed Yaqeen Financial Company as the financial advisor for the rights issue’s subscription process, according to a recent bourse disclosure.

Development Works Food pointed out that it will announce any further details regarding the capital increase transaction at a later time.

It is worth noting that the company’s board recommended the capital raise on 9 December 2021.

In the first half (H1) of 2022, the net profits after Zakat and tax of Development Works plunged by 67.09% year-on-year (YoY) to SAR 997,655 from SAR 3.03 million.

Revenues surged by 21.64% to SAR 54.02 million in H1-22, compared to SAR 44.41 million in H1-21.

Meanwhile, the earnings per share (EPS) stood at SAR 0.33 in the first six months (6M) of 2022, lower than SAR 1.01 in the year-ago period.

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