Saudi: Arabian Cement sees lower profits in H1-23; dividends announced

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Riyadh – Arabian Cement Company recorded an11.16% decline in net profit after Zakat and tax to SAR 77.20 million during the first half (H1) of 2023, compared to SAR 86.90 million in H1-22

Revenues dropped by 10.89% year-on-year (YoY) to SAR 436.90 million in H1-23 from SAR 490.30 million, according to the interim financial results.

The earnings per share (EPS) hit SAR 0.77 during the first six months (6M) of 2023, an annual decrease from SAR 0.87.

Income Statements for Q2-23

During the second quarter (Q2) of 2023, the listed firm generated net profits after Zakat and tax worth SAR 28 million, marking a 37.78% plunge from SAR 45 million in Q2-22.

The revenues were valued at SAR 196.80 million in the April-June 2023 period, down 14.80% YoY from SAR 231 million.

On a quarterly basis, the Q2-23 net profits retreated by 43.09% from the SAR 49.20 million recorded in Q1-23, while the revenues shrank by 18.03% from SAR 240.10 million.

Dividends for H1-23

The company's board members approved cash dividends amounting to SAR 75 million, equivalent to 7.50% of the capital, for H1-23.

A dividend of SAR 0.75 per share will be distributed to 100 million eligible shares.

Eligibility and payment dates for the dividends will be 10 and 24 August 2023, respectively.