Arabian Cement’s profits hit $23.2mln in H1-22; dividends proposed

Riyadh –  Arabian Cement Company has registered net profits after Zakat and tax of SAR 86.90 million during the first half (H1) of 2022, lower by 13.53% than SAR 100.50 million in H1-21.

Revenues amounted to SAR 490.30 million in January-June 2022, an annual plunge of 11.58% from SAR 554.50 million, according to the interim financial results on Tuesday.

The earnings per share (EPS) rose to SAR 0.87 in H1-22, compared to SAR 1 in H1-21.

During the second quarter (Q2) of 2022, the net profits after Zakat and tax jumped by 34.33% year-on-year (YoY) to SAR 45 million, compared to SAR 33.50 million.

The Q2-22 revenues inched down by 0.86% YoY to SAR 231 million from SAR 233 million.

In a separate bourse filing, the company’s board recommended a cash dividend distribution of SAR 1.10 per share, representing 11% of the share nominal value, for H1-22.

The Saudi listed firm will pay out a total of SAR 110 million for 100 million eligible shares. The eligibility and distribution dates will be 31 August and 15 September, respectively.

In the first three months (3M) of 2022, Arabian Cement achieved net profits after Zakat and tax worth SAR 41.90 million, down 37.46% from SAR 67 million in Q1-21.

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