The board of directors of Al-Akaria Saudi Real Estate Company (SRECO), a real estate developer in the Kingdom, has recommended doubling the company’s share capital by issuing one bonus share for every share. This will increase the company’s share capital from SR1.2 billion ($319.4 million) to SR2.4 billion. The number of outstanding shares will rise to 240 million from 120 million.
The increased share capital reflects the company’s desire to match its capital with its current assets, in line with its strategy to become an integrated real estate development company.
SRECO reported a net profit of SR44.6 million for Q1 2018, the first-quarter net profit rose by 11.5 percent, compared with the previous quarter, backed by higher revenue and a relative decrease in operating expenses.
The increased share capital reflects the company’s desire to match its capital with its current assets, in line with its strategy to become an integrated real estate development company.
SRECO reported a net profit of SR44.6 million for Q1 2018, the first-quarter net profit rose by 11.5 percent, compared with the previous quarter, backed by higher revenue and a relative decrease in operating expenses.
