Saudi Re's profits leap 281.5% in 2024; capital hike proposed
Insurance revenues surged by 80.16% to SAR 1.12 billion in 2024 from SAR 627.18 million a year earlier, according to the financial results.
The earnings per share (EPS) hiked to SAR 5.33 last year from SAR 1.40 at the end of December 2023.
Capital Hike
The board members recommended a 46.60% capital increase by granting 51.48 million bonus shares to shareholders, equivalent to four shares for each 9 shares.
Saudi Re will allocate an additional 2.50 million shares for establishing its long-term incentive share employee shares plan, which represents an additional 2.16% of the company's capital.
The transaction will be implemented by capitalising SAR 539.80 million from the retained earnings.
Hence, the new capital will stand at SAR 1.69 billion distributed over 169.81 million shares, compared to SAR 1.15 billion and 115.83 million shares.
In January, the Public Investment Fund (PIF) acquired a 23.08% stake in Saudi Re to enhance its growth potential by adding to its financial capacity and further reinforcing its credit rating.
Source: Mubasher
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