Mubasher TV
Contact Us Advertising   العربية

Qassim Cement’s net profit rises 9% YoY in 2023

Qassim Cement’s net profit rises 9% YoY in 2023
Photo Archive
QACCO
3040
-10.11% 56.90 -6.40

Riyadh – Mubasher: Qassim Cement Company logged an 8.78% year-on-year (YoY) increase in net profit to SAR 141.97 million during the financial year 2023 from SAR 130.51 million.

On the other hand, revenues declined by 13.99% YoY to SAR 583.55 million last year from SAR 678.45 million, according to the annual financial results.

The earnings per share (EPS) reached SAR 1.58 in the 12-month period that ended on 31 December 2023, up from SAR 1.45 in the same period a year earlier.

Cash Dividends

Furthermore, Qassim Cement’s board of directors recommended the disbursement of SAR 58.50 million in cash dividends for the fourth quarter (Q4) of 2023 on 90 million shares.

The proposed dividends amount to SAR 0.65 per share, or 6.50% of the par value of the company’s stock.

The distribution date will be on 4 April 2024 for shareholders owning shares through 19 March and are registered at the Securities Depository Center Company (Edaa) by the end of 20 March.

During the initial nine months (9M) of 2023, Qassim Cement achieved a 30.48% increase in net profits after Zakat and tax, reaching SAR 101.08 million, compared to SAR 77.47 million in 9M-22.

The company paid SAR 58.50 million in cash dividends for Q3-2023 on 17 December 2023.