Saudi: City Cement achieves $21mln net profits in 2023, unveils cash dividends for H1-23

Riyadh: City Cement Company reported a 28.70% annual decrease in net profit to SAR 82 million during 2023 when compared with SAR 115.01 million.

The revenues also shrank by 17.36% to SAR 356.46 million last year from SAR 431.38 million in 2022, affected by lower sales volume, according to the income statement.

In addition, the earnings per share (EPS) stood at SAR 0.59 in 2023, signalling a decline from SAR 0.82 in the previous year.

Cash Dividends

In their 14 February 2024 meeting, the board members of City Cement announced a cash dividend payout worth SAR 0.40 per share for the second half (H2) of 2023 that will be disbursed from the retained earnings account.

The company will distribute 4% of the share’s par value at a total amount of SAR 56 million for 140 million eligible shares.

The eligibility and distribution dates for the H2-23 dividends were set as 19 February and 4 March 2024.

During the first nine months (9M) of 2023, City Cement generated net profits amounting to SAR 56.30 million while the revenues hit SAR 256.72 million.

All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).