The board of Saudi Automotive Services Company (SASCO) has recommended the distribution of SAR 45 million, or SAR 0.75 per share, in additional cash dividends for the fiscal year 2023.

The board also proposed increasing capital by offering bonus shares by capitalising SAR 100 million from retained earnings, according to the annual financial results.

The company’s capital will be increased to SAR 700 million from SAR 600 million.

The capital increase is aimed at helping the company be compatible with its business size and assets and supporting future expansions.

It is worth noting that the company distributed SAR 30 million, or SAR 0.50 per share, in interim dividends to the shareholders for the first half (H1) of 2023.

SASCO logged a net profit surge of 40.32% year-on-year (YoY) to SAR 105.49 million in 2023 from SAR 75.18 million.

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