Yamama Cement's 2023 Profit Decreases by 14.5% Year-on-Year

Yamama Cement Company, based in Riyadh, Saudi Arabia, saw a 14.49% year-on-year decrease in net profit to SAR 304.25 million in 2023 from SAR 355.79 million. The earnings per share (EPS) declined to SAR 1.50 in 2023 from SAR 1.76 in the previous year.

Revenues for the 12-month period ending on 31 December 2023 were SAR 935.19 million, down 7.23% year-on-year from SAR 1 billion. Despite the profit decline, the company's board of directors recommended the distribution of SAR 202.50 million in cash dividends for 2023 at SAR 1 per share, which accounts for 10% of the share’s par value. The eligibility for these dividends will be for shareholders registered in the Saudi Exchange (Tadawul) at the end of the second trading day following the general assembly meeting, the date of which will be announced later.

Yamama Cement Company has also been investing in gas infrastructure, having recently awarded a SAR 35.3 million contract to GAS Arabian Services for gas pipeline construction, indicating a focus on long-term growth and development

Source: Zawya