Northern Region Cement sees 50% lower profits in 2023; dividends unveiled

Northern Region Cement sees 50% lower profits in 2023; dividends unveiled

Riyadh – Mubasher: The net profits of Northern Region Cement Company plunged by 49.85% to SAR 56.39 million in 2023 from SAR 112.45 million a year earlier.

The firm posted 11.59% higher revenues at SAR 689.55 million last year, versus SAR 617.95 million in 2022, according to the financials.

Earnings per share (EPS) retreated to SAR 0.31 in 2023 from SAR 0.62 in the January-December 2022 period.

Dividends

The company’s board greenlighted, on 21 March 2024, cash dividends valued at SAR 45 million for 2023.

Northern Region Cement will pay a dividend of SAR 0.25 per share, representing 2.50% of the share nominal value, for 180 million eligible shareholders.

Eligibility and distribution dates will be 31 March and 24 April 2024, respectively.

In the nine-month period that ended on 30 September 2023, the net profits after Zakat and tax reached SAR 64.70 million, down 14.56% year-on-year (YoY) from SAR 75.72 million.

Northern Region Cement sees 50% lower profits in 2023; dividends unveiled