Lafarge Jordan Cement to pay $0.91 cash dividend

Byyyp

Updated Fri, 23 Apr 2010 00:00:00 GMT

Shareholders in Lafarge Cement Jordan JOCM.AM, the country's leading cement producer, approved on Monday a cash dividend for 2009 of 650 fils ($0.91) per share.

The total dividend payout amounts to 39 million dinars from the firm's total 46.320 million dinars of net profits in 2009, comprising a 6 percent drop from the previous year.

Lafarge Cement Jordan's sales have been hit by the entry of new Saudi competitors and weaker domestic consumption as the country reels under the impact of the global downturn, company officials say.

"The entry of new producers in the second half of last year is one of the challenges we face and we hope the competition they bring to the market will be fair," Abdel Ilah Al Khatib, Lafarge Jordan Cement chairman told shareholders at the firm's AGM on Monday.

The firm, which until last year was the country's sole producer, is managed by France's Lafarge (LAFP.PA), the world's largest cement producer, which is by far the biggest shareholder with a 50 percent stake.

Lafarge Cement's sales dropped 3 percent last year to 3.755 million tonnes against 3.885 million the previous year.

The company's total assets rose to 296.5 million dinars in 2009 against 283.4 million the previous year, the firm's financial statement showed.