Riyadh – Mubasher: Eastern Province Cement Company (EPCCO) reported a surge in annual profits for last year by 158.57% to SAR 181 million, up from SAR 70 million in 2018.
Revenues grew by 28.8% last year to SAR 729 million, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
The increase in 2019 net profits after zakat and tax resulted from higher sales volume and prices, investment income, as well as lower zakat provision and a refund on a provision for credit losses, and a reduction in losses on disposal of property, plant, and equipment.
Accordingly, the company’s board of directors has recommended the distribution of SAR 129 million in cash dividends to shareholders for 2019, at SAR 1.5 per share, or 15% of the share’s par value.
