Saudi-listed Najran Cement Company will be distributing cash dividends to reward its shareholders.

The payout for the first half of 2020 will amount to 127.5 million Saudi riyals ($33.9 million), the company said in a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

According to the cement producer, there will be 170,000 shares that will be eligible for the cash rewards. The date of distribution, however, has yet to be fixed.

“The company calls upon its shareholders to quickly update their data and ensure that their bank account numbers are l inked to their investment portfolios to ensure that their dividend is deposited in their accounts with the banks on the distribution day,” the company also advised.

The dividends were announced even after the not-so-stellar performance of the company during the past few months.

Najran Cement’s net profit for the second quarter dropped by 17.8 percent due to a decline in demand during the fasting month of Ramadan and the COVID-19 restrictions.

“The decrease in net profit… is attributable to cyclical trend of lower cement demand due to Ramadan season, in addition to the impact of the precautionary measures taken to prevent the spread of [coronavirus],” the company had said.

(Writing by Cleofe Maceda; editing by Seban Scaria)

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© ZAWYA 2020