Riyadh – Mubasher: The net profits after Zakat and tax of Eastern Province Cement Company (EPCCO) reached SAR 217 million in 2020, an increase of 19.9% from SAR 181 million in 2019.
The growth in annual profits was driven by a hike in other revenue and cement sales' value and volume, and a slump in sales costs as well as administrative and general expenses, according to a bourse filing on Sunday.
Meanwhile, the company logged a higher share of results from an associate.
Revenue of the Tadawul-listed firm grew by 1.78% last year to SAR 742 million, compared with SAR 729 million a year earlier.
In a separate disclosure, the company said its board recommended paying cash dividends of SAR 215 million or SAR 2.5 per share to shareholders for 2020.