Saudi: Hail Cement sees 50% higher profits in 2023; dividends for Q4 unveiled

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Hail Cement generated net profits standing at SAR 24.61 million in 2023, higher by 49.95% year-on-year (YoY) than SAR 16.41 million.

The revenues plunged by 37.32% to SAR 229.06 million last year from SAR 365.46 million as of 31 December 2022, according to the interim financial results.

Earnings per share (EPS) amounted to SAR 0.25 in 2023, marking an annual rise from SAR 0.17.

Dividends for Q4-23

The board of Hail Cement greenlighted, on 24 February, cash dividends valued at SAR 33.74 million for the fourth quarter (Q4) of 2023.

The company will disburse a dividend of SAR 0.35 per share, equivalent to 3.50% of the share nominal value, for 96.40 million eligible shareholders.

Eligibility and payment dates for the Q4 dividends will be 29 February and 14 March 2024, respectively.

During the first nine months (9M) of 2023, the Saudi firm turned profitable at SAR 21.38 million, compared to net losses valued at SAR 5.90 million in 9M-22.

In December 2023, Qassim Cement Company announced plans to fully acquire Hail Cement’s shares through a securities exchange transaction.