RIYADH: Shares in Saudi petrochemical firm SABIC Agri-Nutrients inched up in midday trading on Thursday, after shareholders gave the green light for 2021 dividends.
The fertilizer producer’s share price reached SR180 ($48) as of 12:49 p.m. Saudi time, with gains at 0.7 percent following the results of the general assembly meeting.
Shareholders of the company earlier approved the distribution of SR3 per share, representing SR1.43 billion in aggregate, as cash dividends for the second half of 2021.
SABIC Agri-Nutrient had reported a massive earnings beat for the year 2021. It saw a nearly fourfold jump in profits to SR5.23 billion, buoyed by an increase in selling prices.
Half owned by chemical giant Saudi Basic Industries Corp., SABIC Agri-Nutrients acquired a stake in Dubai-based ETG Inputs Holdco in a SR1.2 billion deal in January.
