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Thursday, 15 April, 2021 - 09:15 An illustration picture shows a projection of binary code on a man holding a laptop computer, in an office in Warsaw June 24, 2013. (Reuters) Dubai - Asharq Al-Awsat
Major Gulf stock markets closed higher on Wednesday, with the rise in oil prices after a revised forecast of demand for crude, while the Egyptian Stock Exchange was hit by selling in the leading stocks.
The International Energy Agency said it expected the demand and global oil supplies to be balanced in the second half of the year, adding that producers might need to pump an additional two million barrels per day to meet the expected demand.
DUBAI: The Saudi Basic Industries Corporation (SABIC) has approved cash dividends amounting to SR4.5 billion ($1.2 billion) to shareholders for the second half of 2020.
Eligible shares will be entitled to a dividend of SR1.5 per share, representing 15 percent of the nominal share value, the company said in a statement. It will be distributed on May 3, 2021.
The announcement brings the total dividend for last year to SR9 billion at SR3 per share.
CEO Yousef Al-Benyan highlighted the company’s resilience amid the pandemic, recording an improved performance in sales volumes to SR117 billion.
“Our resilience is defined by our sound business model, operational efficiency, and effective customer engagement,” he said.
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Saudi Basic Industries Corporation, the Middle East s biggest petrochemicals producer, will pay out a total 2020 cash dividend of 9 billion Saudi riyals ($2.4bn) after shareholders approved a 4.5bn riyals dividend for the second half of last year.
The second-half cash dividend of 1.5 riyals per share represents 15 per cent of the nominal share value of Sabic and will be distributed to eligible shareholders on May 3, the company said in a statement on Wednesday. The company’s board recommended a similar dividend for the first half of 2020, despite the pandemic-driven economic headwinds.
Sabic reported a 70 million riyals net profit for 2020, down 98.65 per cent from the previous year on the back of lower average selling prices in most products. Impairment provisions in certain capital and financial assets also dented the company’s annual profit.