Umm Al-Qura Cement shareholders OK withholding dividends for 2022

Logo of Umm Al-Qura Cement Co.

Umm Al-Qura Cement Co. shareholders approved the board’s recommendation on withholding cash dividends for 2022 during the ordinary general meeting held on May 4.

However, they authorized the board of directors to distribute interim dividends semi-annually or quarterly for 2023, the cement producer said in a statement to Tadawul.

The company’s board of directors proposed, on March 21, withholding dividends for 2022 to reinforce and support the company’s financial position, according to data available with Argaam.

Umm Al-Qura Cement net profit fell 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.