Rayan Advanced Industrial board proposes SAR 7/share cash dividend for 2022-2024

Hassan Al-Sairafi, Chairman of Rayan Advanced Industrial Co.

Rayan Advanced Industrial Company’s board of directors recommended a cash dividend of SAR 7 per share to public shareholders for 2022, payable in full directly after the company’s listing, Chairman Hassan Al-Sairafi said.

Further, Rayan will pay a semi-annual dividend at SAR 7 per share to the public for 2023 and 2024, he added.

Rayan distributed a SAR 10 million cash dividend, at 69.2% of net profit, for the first half of 2022, while total dividends for 2020 and 2021 neared SAR 80 million.

The company aims to maintain a clear and solid dividend policy starting from its listing date until its transition to the main market later, after the expiration of the regulatory period and completion of the relevant requirements, Al-Sairafi added.

He expected the company's revenue to reach SAR 224 million in 2022, and increase to SAR 250-260 million in 2023, driven by strong demand for the company’s products.

The company seeks to boost the production capacity of its plants by 25% in 2023 and by 65% in 2024, compared with the current levels, Al-Sairafi concluded.