Shares of chemical giant SABIC dip after declaring H1 dividends of $1.8bn

he Riyadh-based company has recently reported a 33 percent surge in first-quarter profits to SR6.47 billion. (Shutterstock)

RIYADH: Saudi Basic Industries Corporation shares fell 2.13 percent to SR101.20 ($27) as of 2:42 p.m. Saudi time after the company announced its dividends for the first half of 2022.

SABIC has announced its board’s decision to pay SR6.75 billion ($1.8 billion) dividends to 3 billion eligible shares for the first half of 2022.

Shareholders will receive the dividend at the rate of SR2.25 per share on Oct. 2 of this year, according to a bourse filing.

The Riyadh-based company has recently reported a 33 percent surge in first-quarter profits to SR6.47 billion, driven by a 40 percent rise in sales.