Yanbu Cement building
Yanbu Cement Co.’s board of directors recommended in its meeting held on March 24 withholding dividends for H2 2023, the company said in a statement to Tadawul.
The dividend freeze came to boost the cement producer’s financial position, the statement added.
The company paid a cash dividend at 15%, or SAR 1.5 a share for H1 2023.
Yanbu Cement Co. reported a net profit of SAR 119.9 million for 2023, a decline of 44% year-on-year (YoY) from SAR 215.4 million in a year-earlier period, Argaam reported.