Riyadh based multinational chemical manufacturing company, SABIC has announced an SR 6.6 billion ($1.8 billion) profit share for the second half of 2019 at its virtual annual general meeting.
The dividend, to be distributed to shareholders on May 12, equates to SR 2.2 per share or 22 percent of the nominal share value.
“We continued to improve performance and increase revenues for shareholders,”
– Yousef Al-Benyan, CEO
Despite the slowdown in the global economy, including the petrochemical industry, Mr. Al-Benyan said that SABIC’s strong focus on safe and stable operations and cost controls helped lessen some of these difficulties.
Al-Benyan added that SABIC was actively committing to the global fightback against the pandemic and had also stepped up production to meet the growing demand for materials from the medical sector in the Kingdom and around the world.
SABIC published a fourth-quarter net loss of SR 720 million last year, the first quarterly loss in over a decade, which it blamed on lower average selling prices as well as a writedown at an associate company.