Exceptional Capital Leap: 11 TASI-Listed Companies Inject SAR 39.5 Billion Through Bonus Shares in H1 2026
Exceptional Capital Leap: 11 TASI-Listed Companies Inject SAR 39.5 Billion Through Bonus Shares in H1 2026
Saudi Arabia’s main stock market, Tadawul (TASI), witnessed notable and intensive investment activity during the first half of 2026, as 11 major listed companies and banks moved to strengthen their financial positions and capital bases through bonus shares.
The total value of the recommended capital increases reached approximately SAR 39.5 billion.
These moves raised the combined capital of the companies from around SAR 100.9 billion to SAR 140.3 billion, representing significant overall growth aimed primarily at supporting expansion and growth plans, keeping pace with major strategic projects across the Kingdom, and retaining profits and reserves within operating activities.
Banking Sector Leads with SAR 35 Billion
The banking sector accounted for the lion’s share of the capital increases, with three major banks increasing their combined capital by SAR 35 billion.
Al Rajhi Bank led the move, increasing its capital by SAR 20 billion, from SAR 40 billion to SAR 60 billion, representing a 50% increase through the capitalization of retained earnings, with one bonus share issued for every two existing shares.
It was followed by Riyad Bank, which increased its capital by SAR 10 billion, from SAR 30 billion to SAR 40 billion, through the issuance of one bonus share for every three existing shares.
Alinma Bank raised its capital by SAR 5 billion, from SAR 25 billion to SAR 30 billion, at a ratio of one bonus share for every five existing shares.
The three banks share the strategic objective of strengthening their capital adequacy and retaining liquidity to support their operating activities.
Tasheel, Taiba and Al Rajhi Takaful Lead Capital Growth Rates
Investment and integrated-service companies recorded significant increases in their capital bases.
United International Holding Company (Tasheel) recorded the highest growth rate, at 200%, increasing its capital from SAR 250 million to SAR 750 million—an increase of SAR 500 million—to strengthen its financial position.
Taiba Investments recorded a sharp increase of approximately 92%, raising its capital from SAR 2.605 billion to SAR 5 billion, an increase of SAR 2.395 billion, in line with its strategic direction and real-estate expansion plans.
Meanwhile, Al Rajhi Takaful doubled its capital by 100%, from SAR 1 billion to SAR 2 billion, through the full capitalization of SAR 1 billion in retained earnings.
Capitalization Structure: Retained Earnings and Share Premiums
An analysis of the financing structures behind the capital increases shows a heavy reliance on accumulated retained earnings, statutory reserves and share premiums.
Several major companies relied entirely on the capitalization of retained earnings, including Al Rajhi Bank (SAR 20 billion), Al Rajhi Takaful (SAR 1 billion), Budget Saudi Arabia (SAR 263.8 million), Hassan Ghazi Ibrahim Shaker (SAR 122.1 million), Resources for Human Development (SAR 50 million), and Burgerizzr (SAR 21 million).
Other companies adopted a combined funding structure using retained earnings and statutory reserves, including Riyad Bank and Alinma Bank in equal proportions.
Maharah Human Resources combined its entire statutory reserve with part of its retained earnings, while Taiba Investments incorporated its share premium into the capitalization structure, using approximately SAR 1.395 billion from its share premium balance alongside SAR 1 billion from its statutory reserve.
Supporting Human Capital Through Treasury Shares
The companies also incorporated an employee-incentive dimension into their capital increases.
Companies including Budget Saudi Arabia, which allocated 320,000 shares; Tasheel, which allocated 3 million shares; and Hassan Shaker, which allocated 1.11 million shares, used treasury shares to establish long-term employee incentive programs.
This reflects a modern corporate approach aimed at retaining highly skilled employees and strengthening long-term human capital.
TASI-Listed Companies That Increased Capital Through Bonus Shares in H1 2026
SAR million
Company | Capital Before Increase | Increase | Capital After Increase | Increase % |
|---|---|---|---|---|
Al Rajhi Bank | 40,000 | 20,000 | 60,000 | 50% |
Riyad Bank | 30,000 | 10,000 | 40,000 | 33% |
Alinma Bank | 25,000 | 5,000 | 30,000 | 20% |
Taiba Investments | 2,605 | 2,395 | 5,000 | 92% |
Al Rajhi Takaful | 1,000 | 1,000 | 2,000 | 100% |
Budget Saudi Arabia | 782 | 264 | 1,045 | 34% |
United International Holding Company – Tasheel | 250 | 500 | 750 | 200% |
Hassan Ghazi Ibrahim Shaker | 555 | 122 | 677 | 22% |
Maharah Human Resources | 475 | 125 | 600 | 26% |
Resources for Human Development | 150 | 50 | 200 | 33% |
Burgerizzr | 35 | 21 | 56 | 60% |
Total | 100,851 | 39,477 | 140,329 | 39% |
A Signal of Confidence in Future Growth
This collective wave of capital increases among companies listed on the Saudi main market during the first half of 2026 points to a new phase of accelerated expansion and investment.
Choosing bonus shares rather than cash distributions can indicate that companies prefer to retain capital within their businesses to finance expansion and strengthen their balance sheets. It also reflects managements' confidence in the future returns of ongoing projects while keeping liquidity circulating through the domestic economy.
In this sense, the SAR 39.5 billion capital injection is more than a mechanical increase in share capital—it represents a broader shift toward retaining capital, strengthening financial capacity and positioning Saudi-listed companies for the next phase of growth.