Arabian Cement to pay over $3.2m dividends for 2022
The board members of the Arabian Cement Company have approved cash dividends totaling EGP 99.22 million for the year 2022. As per the bourse filing, the EGX-listed firm will distribute a dividend of EGP 0.26 per share to shareholders.
Arabian Cement reported standalone net profits of EGP 342.50 million for the 12-month period ending on December 31, 2022, marking a significant annual increase from EGP 27.12 million. In the first nine months (9M) of 2023, the company's consolidated net profits attributable to the owners reached EGP 500.24 million, surpassing the figure from the same period in the previous year, which stood at EGP 262.26 million. Additionally, standalone net profits after tax rose to EGP 502.69 million in 9M-23, compared to EGP 244.74 million in 9M-22.
In a recent development, the European Bank for Reconstruction and Development (EBRD) has collaborated with A³&Co., a consulting firm, to lead a sustainable initiative at the cement company. This initiative aims to reduce carbon emissions and lower costs through innovative, environmentally responsible approaches, supporting the company's transition to NetZero.
Listed companies in Africa pay some of the juiciest dividends available in emerging markets and are widely lucrative on a dividend yield basis. Dividends are important in stock investing because they give shareholders a steady source of extra money. Large corporations that make a lot of money and have stable finances usually pay significant dividends. Investing in these companies can benefit in two ways: your shares can become more valuable over time, and you get regular dividend payouts.