Saudi cement producer Eastern Province Cement Company (EPC) reported a 15 per cent year-on-year increase in its profit after Zakat to 65.5 mln Saudi riyals ($17.5m) for the first three months of 2005, according to the company’s board chairman, Ahmad Abdullah al-Zamil. EPC’s general shareholders’ meeting has approved a cash dividend payment of 20 riyals ($5.33) per share for 2004, equal to 40 per cent of the share par value. The company paid a cash dividend of 17.5 riyals ($4.67) per share for 2003, or 35 per cent of the share par value.
EPC based in Dammam, eastern Saudi Arabia, was established in 1982 as a joint stock company under the name of Saudi-Kuwaiti Cement Company. The company changed its name to Eastern Province Cement Company in 1994 and is now wholly owned by Saudi investors.