Umm Al-Qura Cement board recommends no dividend for 2022

Logo of Umm Al-Qura Cement Co.

Umm Al-Qura Cement Co.'s board of directors recommended on March 21, withholding dividend for 2022, according to a statement to Tadawul.

The recommendation aims to reinforce and support the company's financial position, the cement producer said. 

It added that the proposal is pending the approval of the upcoming general assembly, whose date will be determined by the competent authorities.  

Umm Al-Qura Cement net profit went down 72% to SAR 23 million in 2022, from SAR 81.4 million a year earlier; with a net loss of SAR 5.5 million in Q4 2022, Argaam earlier reported.