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Sharjah Cement registers higher losses in 2022; dividends halt proposed

Sharjah Cement registers higher losses in 2022; dividends halt proposed
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Sharjah Cement
SCIDC
5.17% 0.61 0.03

Abu Dhabi – Mubasher: Sharjah Cement and Industrial Development Company reported net losses attributable to the shareholders worth AED 39.60 million in 2022, versus AED 33.80 million in 2021.

Revenues from contracts with customers hit AED 635.45 million last year, higher than AED 493.89 million during January-December 2021, according to the consolidated financial results.

The basic and diluted loss per share went up to AED 0.06 in 2022 from AED 0.05 in 2021, while the total assets increased to AED 1.90 billion from AED 1.83 billion.

Dividends Withhold

In a separate bourse filing, the board of Sharjah Cement proposed not to disburse cash dividends or rewards for 2022.

The recommendation, which is still subject to the approval of the general assembly meeting, was announced during the board’s meeting on 2 March 2023.