Eastern cement profits grow 159% .. and 129 million riyals proposed distributions


Source: Dubai – Arabic.net

The Eastern Province Cement Company announced today, Wednesday, the financial results for 2019, which showed the company achieved a net profit after Zakat and tax of 181 million riyals, compared to 70 million riyals in 2018, with a growth rate of 158.6%, which represents the doubling of profits by 2.5 times.

The company said, in a statement to the Saudi financial market “Tadawul”, that the reason for the increase in net profit for the current year compared to the previous year is due to an increase in sales revenue as a result of an increase in sales quantities and an improvement in selling prices, an increase in investment income, a decrease in the Zakat provision and a provision for credit losses, and a decrease Loss of disposal of property, plant and equipment.

In a separate statement, the company said today that the Board of Directors of the General Assembly recommended the distribution of cash dividends for the fiscal year 2019, amounting to 129 million riyals, bringing the share of the share from the distribution about 1.5 riyals.

She explained that the dividend eligibility will be vested in the shareholders who own the shares on the due date registered in the company’s shareholders ’register with the Deposit Center at the end of the second trading day following the date of the company’s general assembly meeting, which will be announced later after obtaining the necessary approvals from the competent authorities.


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