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Gulf Cement OKs $22m dividends for 2016

Gulf Cement OKs $22m dividends for 2016
(Photo Credit: Arabianeye-Reuters)
Gulf Cement
GCEM
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Kuwait – Mubasher: Gulf Cement Company’s shareholders approved the proposal to distribute cash dividends for 2016, representing 10% of capital, according to a bourse filing on Thursday.

The meeting held on Wednesday also approved the Abu Dhabi and Kuwait-listed company’s financials for 2016.

With a capital of AED 821.1 million ($223.5 million) distributed across 821.1 million shares, Gulf Cement’s dividends are estimated at around $22.3 million for 2016.

The cement company reported profits of KWD 4.141 million in 2016, down 27.1% from KWD 5.682 million recorded in 2015.