Financial

Saudi's City Cement Achieves $21 Million Net Profits in 2023, Announces Cash Dividends for H1-23

City Cement Company in Saudi Arabia reported a 28.70% annual decrease in net profit to SAR 82 million in 2023, with revenues shrinking by 17.36% to SAR 356.46 million.

Photo by Faisal Alhassan / Unsplash

Saudi Arabia's City Cement Company has disclosed its financial performance for 2023, revealing a 28.70% annual decrease in net profit to SAR 82 million, down from SAR 115.01 million in the previous year. The company's revenues also experienced a decline, shrinking by 17.36% to SAR 356.46 million in 2023 from SAR 431.38 million in 2022, primarily impacted by lower sales volume.

The earnings per share (EPS) stood at SAR 0.59 in 2023, signaling a decrease from SAR 0.82 in the previous year. Despite the challenging financial results, the company's board announced a cash dividend payout worth SAR 0.40 per share for the second half (H2) of 2023, totaling 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.

Source: Zawya

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