Umm Al-Qura Cement to transfer SAR 32.1M statutory reserve to retained earnings

Logo of Umm Al-Qura Cement Co.

Umm Al-Qura Cement Co.'s shareholders approved transferring the balance of the statutory reserve amounting to SAR 32.07 million, as per financial statements for 2023, to the retained earnings account.

Shareholders also approved the board’s recommendation to withhold dividends for 2023, during the extraordinary general meeting (EGM) held on April 29, according to a statement to Tadawul.

They further approved the election of board members for the upcoming three-year term starting July 4, 2024. These members included Abdullah Al Abdullatif, Saud AlSabhan and Abdul Rahman Al Sayyari, among others.

Other agenda items, including authorizing the board of directors to distribute interim dividends semi-annually or quarterly for 2024, were also approved, the statement added.

Earlier, the board of directors had recommended a dividend freeze for 2023 to enhance the company’s financial position, Argaam reported.

The cement producer’s net earnings dropped to SAR 4 million in 2023, compared to SAR 23 million a year earlier.