Saudi Cement Assembly Approves H2 2024 Cash Dividend Distribution

Saudi Cement Co. announced on Thursday the results of its Extraordinary General Assembly Meeting (Second Meeting). The Meeting approved the Board of Directors’ recommendation to distribute cash dividends for the second half of 2024 at SAR 1.5 per share, representing 15% of the capital, totalling SAR 229.5 million. Dividends are payable to shareholders who own shares at the end of the General Assembly Meeting and are registered in the shareholders’ register with the Securities Depository Centre Co. (Edaa) at the end of the second trading day following the due date. Dividends are payable starting on May 12, 2025.

The remaining voting items on the Assembly’s agenda were as follows:

First: The Board of Directors’ report for the year ending December 31, 2024, was reviewed and discussed;

Second: The Company’s financial statements for the fiscal year ending December 31, 2024, were reviewed and discussed;

Third: Approval of the Company’s auditor’s report for the fiscal year ending December 31, 2024;

Fourth: Approval of the discharge of the Board of Directors from liability for the fiscal year ending December 31, 2024;

Fifth: Approval of the appointment of Dr. Mohamed Al-Amri & Co. -BDO- as the Company’s auditor, from among the candidates nominated based on the Audit Committee’s recommendation. The appointment will be to examine, review, and audit the financial statements for the second and third quarters, as well as the annual financial statements for the fiscal year 2025 and the first quarter of 2026, for a fee of SAR 505,000;

Seventh: Approval of the business and contracts to be concluded between the Company and Cement Industry Products Company Ltd., in which Board Member and CEO Mr. Mohammad bin Ali Al-Garni has an indirect interest (a related party). The transaction amount for 2024 amounted to SAR 31,374,038, which is for the purchase of cement bags, and there are no preferential terms for this type of contract;

Eighth: Approval of the business and contracts to be concluded between the Company and the Wataniya Insurance Company, in which board member Mr. Amin bin Musa Al-Afifi has an indirect interest (a related party). The transaction amount for 2024 amounted to SAR 6,265,478, which covers the insurance of the Company’s properties, excluding medical insurance. There are no preferential terms for this type of contract;

Ninth: Approval of the Board of Directors’ authorization to distribute interim dividends semi-annually or quarterly for the fiscal year 2025;

Tenth: Approval of the Board of Directors’ authorisation of the Ordinary General Assembly to authorise the Board of Directors under Paragraph (1) of Article Twenty-Seven of the Companies Law, for a period of one year from the date of approval by the General Assembly or until the end of the term of the authorised Board of Directors, whichever comes first, in accordance with the conditions stipulated in the Executive Regulations of the Companies Law for listed joint-stock companies;

Eleventh: Approval of the Board of Directors’ delegation of the authority of the Ordinary General Assembly to authorise the Company’s activities referred to in Paragraph (2) of Article Twenty-Seven of the Companies Law, for a period of one year from the date of the General Assembly’s approval or until the end of the term of the authorised Board of Directors, whichever comes first, in accordance with the provisions of the Companies Law and its Executive Regulations for listed joint-stock companies, and in accordance with the competing businesses and activities contained in the Regulations on Competitive Activity Standards; and

Twelfth: Approval of the amendment to Article (Three) of the Company’s Bylaws relating to the Company’s objectives.