Southern Cement CEO hails H1 2019 results, says it encouraged dividends

Southern Province Cement Co.’s (Southern Cement) results for the first half of 2019 were ‘good’, and contributed towards a SAR 1.25 per share dividend payment for the period, Chief Executive Officer Safar Dhufayer told Al Arabiya channel.

Dhufayer added that the firm’s market share of 14 percent is the largest among Saudi peers.

He expected the second half of 2019 to be “as good or better” than H1, should sales resume their current levels till the end. He pointed out that H1 coincided with Ramadan, which usually sees a 50 percent decrease in sales.

“Initial indications suggest that things are moving in the right direction,” Dhufayer added.

Southern Cement reported a 53 percent year-on-year rise in net profit to SAR 211 million for H1 2019. Q2 rose to SAR 91 million.

Read: Southern Cement profit rises 53% in H1 2019