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Saudi Cement shareholders approve 10% dividend for H2 2023
Saudi Cement Co.'s shareholders approved the board’s recommendation to distribute a 10% cash dividend, at SAR 1 per share, for the second half of 2023, during the extraordinary general meeting (EGM) held on April 24, according to a statement to Tadawul.
|
Dividend Details (H2 2023) |
|
|
Current Capital |
SAR 1.53 bln |
|
Number of Shares |
153 mln |
|
Total Dividends |
SAR 153 mln |
|
Percentage of Capital |
10% (SAR 1 per share) |
|
Eligibility |
April 24, 2024 (Shareholders registered with Securities Depository Center (Edaa) at the end of the second trading day following the EGM date) |
|
Payment Date |
May 8, 2024 |
|
Total Dividend (2023) |
|
|
Percentage of Capital |
25% (SAR 2.5 per share) |
|
Total Dividends |
SAR 382.5 mln |
Meanwhile, shareholders authorized the board of directors to distribute dividends for 2024 on a semi-annual or quarterly basis.
In addition, the EGM approved transferring the statutory reserve balance of SAR 459 million as of Dec. 31, 2023, to the retained earnings account.
Furthermore, shareholders approved the business and contracts that will be concluded between the company and Cement Industry Products Co. Ltd., in which board member and CEO, Mohammed Al-Garni, has an indirect interest (related party). The value of the transaction, which is related to purchasing empty cement bags, stood at SAR 44.1 million in 2023. There were no preferential terms for the contract.
Additionally, the EGM approved the business and contracts that will be concluded between the company and Wataniya Insurance Co., in which board member, Amin Al-Afifi, has an indirect interest (related party). The transaction, which includes insurance coverage of the company's property except for medical insurance, was valued at to SAR 8.2 million last year. No preferential terms were offered for the contract.
Dividend History (SAR/share) Corporate Actions
| Announcement | Ex-Dividend | Payment | Dividends (M Riyal) | Dividends * | Notes |
| 07/02/2024 | 24/04/2024 | 08/05/2024 | 153.00 | 1.00 | |
| 07/06/2023 | 11/06/2023 | 20/06/2023 | 229.50 | 1.50 | |
| 01/02/2023 | 13/04/2023 | 07/05/2023 | 267.75 | 1.75 | |
| 02/06/2022 | 05/06/2022 | 15/06/2022 | 229.50 | 1.50 | |
| 01/02/2022 | 10/04/2022 | 20/04/2022 | 306.00 | 2.00 | |
| 02/06/2021 | 06/06/2021 | 16/06/2021 | 229.50 | 1.50 | |
| 03/02/2021 | 07/04/2021 | 19/04/2021 | 306.00 | 2.00 | |
| 10/06/2020 | 15/06/2020 | 25/06/2020 | 229.50 | 1.50 | |
| 06/02/2020 | 21/04/2020 | 05/05/2020 | 306.00 | 2.00 | |
| 29/05/2019 | 12/06/2019 | 02/07/2019 | 229.50 | 1.50 |
Dividend History
| Consolidated cash dividend | Cash dividend per share (SAR) | * The stock price at the beginning of the period (SAR) | Return on the base price |
|---|---|---|---|
| Last 3 Financial years | 9.25 | 60.50 | 15.29 % |
| Last 5 Financial years | 16.25 | 47.45 | 34.25 % |
| Last 10 Financial years | 41.00 | 101.50 | 40.39 % |
Valuation Data (Latest Share Price)
| P/E (TTM) | 15.43 |
| P/E Before Unusual Items (TTM) | 15.43 |
| P/BV | 2.95 |
| Dividend Yield | 4.75 % |
| Market Cap. (M) | 6,250.05 |
| Return on Average Assets | 12.54 % |
| Return on Average Equity | 19.34 % |
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