National Cement Approves 20% Dividend Payout
National Cement Company holds its Annual General Assembly, approving key financial decisions and a 20% dividend payout.
Summary
National Cement's Annual General Assembly approved a 20% cash dividend and several key resolutions, signaling a strong financial position.
The National Cement Company (P.S.C.), a cornerstone of the UAE's construction sector, recently held its Annual General Assembly Meeting at its main headquarters in Al Quoz 3, Dubai. With an impressive quorum of 81.96%, the meeting underscored the company's robust shareholder engagement and commitment to transparency.
One of the most significant outcomes of the assembly was the approval of a 20% cash dividend distribution, amounting to 71,760,000 AED, or 20 fils per share. This decision reflects the company's strong financial performance for the fiscal year ending December 31, 2024, and its ongoing dedication to delivering value to its shareholders.
In addition to the dividend announcement, the assembly ratified several key financial documents, including the Board of Directors' report, the auditor's report, and the company's balance sheet and profit and loss account for the fiscal year 2024. These approvals indicate a solid financial foundation and a promising outlook for the company.
Another highlight was the Board's decision to distribute a total remuneration of 1,950,000 AED to the board members, acknowledging their contributions and leadership. Furthermore, the assembly approved the appointment of M/s Grant Thornton as the auditors for 2025, ensuring continued financial oversight and integrity.
Strategically, the assembly sanctioned the transfer of 78,330,750 AED from the statutory reserve to retained earnings, a move that enhances the company's financial flexibility and supports future growth initiatives. The appointment of Mr. Mazen Muhammad Mohieddin Al-Khatib to the Board of Directors also signals a strategic leadership transition aimed at steering the company towards new opportunities.
Given these developments, National Cement Company appears well-positioned for future growth. The approval of a substantial dividend payout, combined with strategic financial decisions, suggests a positive trajectory. Therefore, investors might consider a buy recommendation, as the company's solid financial health and strategic initiatives pave the way for potential future gains.
Source
Summary
The Annual General Assembly Meeting of National Cement Company P.S.C. took place on March 17, 2025, at the company's headquarters in Al Quoz 3, Dubai. The meeting, chaired by Mr. Rashed Saif Ahmed Al Ghurair, had a quorum attendance of 81.96%. Key approvals included the Board of Directors’ report, auditor's report, balance sheet, and profit and loss account for the fiscal year ending December 31, 2024. A cash dividend of 20% of the nominal share value, totaling 71,760,000 dirhams, was approved. Board members' remuneration totaling 1,950,000 dirhams was sanctioned, and the Board and auditors were absolved of liability for 2024. M/s Grant Thornton was appointed as auditors for 2025 with a fee of AED 285,000. Mr. Mazen Muhammad Mohieddin Al-Khatib was appointed to the Board, replacing Mrs. Hind Issa Salem. A special decision was made to transfer 78,330,750 dirhams from the statutory reserve to retained earnings for 2025. The cash dividends are set to be paid on April 15, 2025, with key dates for entitlement outlined.
