Riyadh – Mubasher: Yanbu Cement Company generated net profits worth SAR 37.33 million during the second quarter (Q2) of 2020, down by 7.06% from SAR 40.17 million logged in the same period last year.

Revenue plunged by 25.11% on an annual basis to reach SAR 156.93 million by the end of June, according to a bourse filing on Thursday.

The fall in Q2-20 profits is owed to the creation of an additional provision for Zakat; even though the company’s administrative and general expenses slumped.

During its meeting, the Board of Directors approved distributing cash dividends of SAR 157.5 million, equivalent to SAR 1 per share or 10% of the share’s par value, to shareholders for the first half (H1) of 2020.

Eligibility of dividends will be to the shareholders 30 September 2020, as per the registered shareholders in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the maturity date.

The distribution date will be announced later.