Riyadh – City Cement Company will pay out cash dividends at a total value of SAR 56 million for the first half (H1) of 2023 upon the board’s decision on 14 August, according to a bourse filing.

The cement manufacturer will disburse SAR 0.40 per share, which represents 4% of the share’s par value, for 140 million eligible shares.

Meanwhile, the eligibility and distribution dates for H1-23 dividends will be 17 August and 5 September, respectively.

Financial Results for H1-23

The announcement of the dividend payout followed City Cement’s income statement for H1-23, which indicated net profits after Zakat and tax worth SAR 51.88 million, signalling a 23.55% annual increase from SAR 41.99 million.

The earnings per share (EPS) rose to SAR 0.37 in H1-23 from SAR 0.30 in H1-22.

The company generated sales worth SAR 186.03 million during January-June 2023, down by 5.72% from SAR 197.33 million during the corresponding six months (6M) in 2022.

Income Statement for Q2-23

During the second quarter (Q2) of 2023, City Cement posted net profits worth SAR 24.29 million, which came 2.21% lower than SAR 24.84 million in Q2-22.

The revenues declined by 12.82% to SAR 77.79 million during April-June 2023 from SAR 89.23 million in the corresponding three months (3M) last year.

On a quarterly basis, the net profits in Q2-23 were 11.95% lower than Q1-23 and the revenues shrank by 28.14%.

In Q1-23, City Cement recorded net profits amounting to SAR 27.58 million as well as sales worth SAR 108.24 million.

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