Saudi Cement Co’s board of directors has recommended paying a dividend of SAR3.5 per share for first six months of 2014, the firm said in a bourse filing on Sunday.

Shareholders owning the company’s stock at the end of trading on 1 July will qualify for the dividend, which will be paid on 9 July the statement said.?

Saudi Cement reported a 16 per cent drop in first quarter 2014 profit which it blamed on  sagging local demand and losses from an associate company.