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Eastern Cement reports 19.9% higher earnings in 2020; dividends proposed

Eastern Cement reports 19.9% higher earnings in 2020; dividends proposed
Revenue of the Tadawul-listed firm grew by 1.78% last year to SAR 742 million.
EPCCO
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1.60% 50.70 0.80

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.