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Arabian Cement’s profits down 79% in Q2; dividends proposed

Arabian Cement’s profits down 79% in Q2; dividends proposed
The board recommended paying SAR 1 per share to shareholders for H1-20
ACC
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2.06% 32.15 0.65

Riyadh – Mubasher: Arabian Cement Company posted net profits of SAR 7.6 million in the second quarter (Q2) ended on 30 June 2020, 79.62% less than SAR 37.3 million logged in the corresponding period in 2019.  

Revenue slumped by 15.19% to reach SAR 139.6 million in Q2-20 when compared to SAR 164.6 million in Q2-19, according to a bourse filing on Sunday.

The decline in Q2 profits resulted from a drop in sales values and volumes at the company’s subsidiary in Jordan, which was impacted by business closure due to the COVID-19 pandemic.

Moreover, Arabian Cement’s sales costs, as well as general, administrative, and marketing expenses grew, despite the rise in distributions of investments gains realised from financial tools.

During its meeting, the parent company’s board recommended distributing cash dividends of SAR 100 million or SAR 1 per share to shareholders for the first half (H1) of 2020, representing 10% of the share’s nominal value.

Eligibility of dividends will be to the shareholders at the end of 10 August 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 due date.

The distribution is set to take place on 26 August.