The Ordinary General Assembly of MEFIC Capital, held on Sunday, May 18, 2014, approved the Board of Directors’ recommendation to distribute dividends to shareholders for the fiscal year 2013 in the amount of 0.5 riyals per share, equivalent to a total dividend of 20 million riyals, representing 5% of the company’s capital of 400 million riyals.

Ibrahim Al-Hadith, Managing Director of MEFIC Capital, explained that the company’s revenues reached 102 million riyals in the fiscal year 2013, compared to revenues of 60 million riyals in 2012, an increase of 70%. The company achieved net profits of 30.431 million riyals, compared to 26.200 million riyals for the same period last year, an increase of 16%.

Ibrahim Al-Hadith pointed out that the increase in revenues was a result of the increase in private portfolio assets, as a result of the company attracting distinguished competencies to manage the portfolios, which achieved positive results compared to the benchmark index or the performance of competing companies. In addition, the company-managed riyal Murabaha Fund ranked first among similar funds in companies and banks operating in the Kingdom, and the company launched a number of closed-end investment funds during the year, which in turn contributed to the increase in assets under management.

MEFIC Capital’s financial results for 2013 reflected a remarkable growth in operational performance and an increase in revenues, which the company attributes to its strong and diverse base of shareholders and its selection of a select group of qualified human resources with experience and skills in the field of financial investment. This has given the company the ability to compete, increase profits, gain the trust of shareholders and investors, and ensure maximum benefit from the investment opportunities available in the Saudi market.