Yanbu Cement board proposes dividend freeze for H2 2023

Yanbu Cement building

Yanbu Cement Co.’s board of directors recommended today, March 24, withholding dividends for H2 2023, the company said in a statement to Tadawul.

The dividend freeze is seen to boost the cement producer’s financial position, the statement added.

The company paid a cash dividend at 15%, or SAR 1.5 a share, for H1 2023.

Yanbu Cement reported a net profit of SAR 119.9 million for 2023, a decline of 44% from SAR 215.4 million a year earlier, Argaam reported.