Saudi Industrial Services set to distribute 8% cash dividend

Board recommends payout after firm posted 173% rise in net profit for 2020

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

The board of Saudi Industrial Services Co. has recommended the distribution of 8 percent cash dividend to shareholders for the financial year 2020.

The dividend, set at 0.80 Saudi riyal per share, is equivalent to 65.2 million Saudi riyals ($17.4 million), the company said in a bourse filing to the Saudi Stock Exchange (Tadawul).

A total of 81.6 million shares will be eligible for the payout.

The company reported a 173 percent increase in its 2020 net profit to 139.4 million Saudi riyals on the back of higher revenues.

“The improvement in revenues [was] mainly due to the ports segment related to the takeover of NCT (North Container Terminal) in Jeddah Islamic Port under new concession contract,” the firm said.

Last April, Saudi terminal operator Red Sea Gateway Terminal (RSGT) started the takeover of operations of NCT. RSGT is a joint venture between Saudi Industrial Services and Malaysian Mining Company.

(Writing by Cleofe Maceda; editing by Mily Chakrabarty)

Cleofe.maceda@refinitiv.com

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