LONDON: The SABIC board has approved a SR6.6 billion ($1.8 billion) dividend for the second half of 2019 at a virtual annual general meeting.
The dividend, to be distributed to shareholders on May 12, equates to SR2.2 per share or 22 percent of the nominal share value.
“We continued to improve performance and increase revenues for shareholders,” said CEO Yousef Al-Benyan.
FASTFACT
SABIC was first conceived in 1976, and began production in 1981.
Despite the slowdown in the global economy, including the petrochemical industry, he said that SABIC’s strong focus on safe and reliable operations and cost controls helped mitigate some of these challenges.
Al-Benyan added that SABIC was actively contributing to the global fightback against the pandemic and had also stepped up production to meet the increasing demand for materials from the medical sector in the Kingdom and around the world.
Petrochemical producers worldwide are coming under increased pressure as demand for plastics is hit by a dramatic decline in consumption as lockdowns prevent people from traveling and shopping.
SABIC reported a fourth-quarter net loss of SR720 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 affiliate company.
