Fitaihi to pay H1 2020 dividend from Al-Jouf Agricultural stake sale proceeds: Chairman

Fitaihi Holding Group will pay cash dividend for H1 2020 from the proceeds following the sale of a 5% stake in Al-Jouf Agricultural Development Co., CNBC Arabia TV reported, citing chairman Ahmed Fitaihi.

According to the chairman, the company invests 30% in the healthcare sector, as well as 25% and 30% in the agricultural and industrial sectors, respectively, noting that the retail segment accounts for no more than 22% of the firm’s business.

The firm decreased retail segment expenses as much as possible by closing unprofitable stores, the chairman said, adding the company’s strategy is flexible and can be changed at any time according to conditions, especially as the firm does not have any obligations to banks or suppliers.

The Tadawul-listed firm is in a healthy position, and gives priority to its sectors and planned investments in the Kingdom, the official said.

He added that the luxury goods segment suffered more due to COVID-19 pandemic compared to last year, noting that the segment’s performance was weaker in 2019 than the previous year.

According to data compiled by Argaam, the board recommended on Nov. 10 a 2% cash dividend, at SAR 0.20 each, for H1 2020.

On Sept. 14, Fitaihi completed the sale of a 5% stake in Al-Jouf Agricultural Development Co.’s capital, achieving exceptional capital gains of SAR 29.95 million.