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Umm Al Qura Cement’s net profit plummets 83% YoY in 2023; dividends paused

Umm Al Qura Cement’s net profit plummets 83% YoY in 2023; dividends paused
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Riyadh – Mubasher: Umm Al Qura Cement Company’s net profit dropped 82.81% year-on-year (YoY) to SAR 3.95 million in 2023 from SAR 22.98 million.

Revenues plunged 23.63% YoY to SAR 168.94 million last year from SAR 221.21 million in 2022, according to the annual financial results.

The earnings per share (EPS) recorded SAR 0.07 in 2023, down from SAR 0.42 a year earlier.

Cash Dividends

Umm Al-Qura Cement’s board of directors decided not to distribute dividends for the fiscal year 2023.

The reason behind the decision was to support and strengthen the company’s financial position.

Umm Al Qura Cement posted net profits of SAR 10.05 million in the first nine months (9M) of 2023, down 65.70% YoY from SAR 29.30 million.