Riyadh – Mubasher: The board of Maharah Human Resources Company proposed to increase the capital by 26.67% to SAR 475 million from SAR 375 million, according to a bourse filing.
The number of shares will reach 47.50 million shares, compared to 37.50 million shares prior to the raise.
In order to implement the capital hike transaction, the Saudi firm will capitalise SAR 100 million from the retained earnings account.
Maharah will distribute 7.50 million shares as bonus shares to shareholders by granting one bonus share for every five existing shares. The remaining 2.50 million shares will be allocated to develop the company's employee shares programme.
The board suggested the capital raise during its meeting on 6 March 2023 to back the company's financial position. Meanwhile, the recommendation is still subject to the extraordinary general meeting (EGM).
In 2022, the Tadawul-listed firm logged net profits after Zakat and tax worth SAR 154.11 million, higher by 6.33% year-on-year (YoY) than SAR 144.93 million.
Revenues jumped by 27.67% to SAR 1.68 billion in 2022 from SAR 1.31 billion in 2021, whereas the earnings per share (EPS) went up to SAR 4.11 from SAR 3.86.
Last December, Maharah’s unit Growth Avenue Investment Company held a 20% stake in Riyadh-based SororApp.
