Saudi: Qassim Cement’s board proposes 6% of capital as dividends for Q3-22

The board of Qassim Cement Company recommended cash dividends worth SAR 54 million, representing 6% of the capital, for the third quarter (Q3) of 2022.

The firm would disburse SAR 0.60 per share for 90 million eligible shares, according to a bourse disclosure.

Meanwhile, the eligibility and distribution dates for the Q3-22 dividends will be on 22 November and 12 December, respectively.

In the first nine months (9M) of 2022, Qassim Cement reported net profits after Zakat and tax worth SAR 77.47 million, an annual plunge of 70.37% from SAR 261.43 million.

Revenues shrank by 21.99% year-on-year (YoY) to SAR 461.40 million in 9M-22 from SAR 591.47 million.

Additionally, the earnings per share (EPS) declined to SAR 0.86 in 9M-22 from SAR 2.90 in 9M-21.

During Q3-22, the company’s net profits after Zakat and tax amounted to SAR 23.42 million, lower by 61.20% than SAR 60.38 million in the year-ago period.

In the first half (H1) of 2022, the net profits after Zakat and tax of Qassim Cement plummeted by 73.12% YoY to SAR 54.04 million from SAR 201.04 million.

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