Arabian Cement Company recorded a 12.6% decline in net profit to reach 161.5 million riyals in 2021, compared to 184.9 million riyals in 2020.
According to Arabiya Net, revenues rose by 18.5% to reach 1.033 billion riyals, compared to 871.9 million riyals during 2020.
The reason for the decrease in net profit is mainly due to the decrease in the average selling price of the parent company and the increase in marketing expenses as a result of the increase in export sales, the increase in general and administrative expenses and the increase in income tax due to the expiration of the period Tax exemption for investment in the subsidiary company in Jordan, in addition to creating a provision for a decrease in a number of projects under implementation despite the increase in the volume and value of sales in the parent company and the subsidiary company in Jordan and the increase in profits of subsidiaries and associates.
On the other hand, the company announced the recommendation of its board of directors to distribute dividends to shareholders for the second half of 2021, amounting to 150 million riyals, bringing the share of dividends to 1.5 riyals. share.
