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    1120   SA0007879113

AL RAJHI BANKING AND INVESTMENT CORPORATION

(1120)
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End-of-day quote Saudi Arabian Stock Exchange  -  05-22
90.80 SAR   -2.26%
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Al Rajhi Banking and Investment : Alrajhi bank obtains the necessary approvals to complete the acquisition of Ejada Systems Company

01/16/2022 | 08:55am EDT


As an extension of its strategy that was launched in 2020 "Bank of the Future", Al-Rajhi Bank obtains the necessary approvals to complete the acquisition of Ejada Systems Company. As a result, the bank has fully acquired the company after obtaining the required approvals from relevant regulatory entities. Commenting on the transaction, Mr. Waleed Al-Mogbel, Chief Executive Officer of the bank clarified that the deal will contribute to the development of products and services provided to customers, especially in the digital banking services. The initiative will support the bank's continued leadership and superiority in terms of the products and services provided to its customers from retail, corporates, government agencies, and non-profit organizations, which in return contributes to the stability and acceleration of the growth in the bank's business and its results. Through this transaction in the information technology sector, the bank aims to develop its technological capabilities with the latest technologies that will contribute to its digital transformation in order to provide the best financial solutions, and meet customers' expectations through innovative products that keep pace with their changing needs. The bank, through its new identity "Unbank the Bank", relies on providing integrated financial solutions to its customers through its offerings and subsidiaries such as Al-Rajhi Capital which provides services in the capital markets, Emkan which provides services in the fields of microfinance, and medium and small enterprises, and Neoleap which provides services in the field of digital payment solutions for individuals and corporates. This acquisition will have a positive impact on the bank's operations and the company at the same time, by relying on the expertise and workforce of the company that has marked its position in the information technology sector as one of the leading Saudi companies. It is noteworthy that Ejada is a leading information technology services provider in the Middle East and North Africa, providing its clients with the ability to maintain and increase its competitiveness through innovative technical solutions. The company delivers distinctive solutions by combining a local specialized talents and global strategic technology partnerships. Today, it is considered among the top providers that serves the Kingdom of Saudi Arabia, Middle East and North Africa region, and ranked first in multiple areas including consulting, application management outsourcing, and custom application development.

Disclaimer

Al Rajhi Banking & Investment Corporation SJSC published this content on 16 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 January 2022 13:54:09 UTC.


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Financials
Sales 2022 28 980 M 7 725 M 7 725 M
Net income 2022 15 972 M 4 258 M 4 258 M
Net Debt 2022 - - -
P/E ratio 2022 21,9x
Yield 2022 2,07%
Capitalization 365 B 97 353 M 97 353 M
Capi. / Sales 2022 12,6x
Capi. / Sales 2023 10,8x
Nbr of Employees -
Free-Float 90,4%
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Mean consensus HOLD
Number of Analysts 12
Last Close Price 90,80 SAR
Average target price 97,51 SAR
Spread / Average Target 7,39%
EPS Revisions
Managers and Directors
Walid bin Abdullah Ali Al-Moqbel Chief Executive Officer
Abdulrahman Abdullah Abdulrahman Al-Fadda Chief Financial Officer
Abdullah Sulaiman Abdulaziz Al-Rajhi Chairman
Abdullah Sulaiman Al-Nami Chief Compliance Officer
Alaa bin Shakeeb Al-Jabri Independent Vice-Chairman