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Sabic to distribute $1.2bn in dividends for H2 2020
RIYADH, 7 hours, 1 minutes ago Sabic’s recent Ordinary Annual General Meeting in Riyadh, Saudi Arabia has approved SR4.5 billion ($1.2 billion) cash dividends for the second half of 2020 at SR1.5 per share, representing 15% of the nominal share value. The Board of Directors had previously approved similar SR4.5 billion cash dividends for the first half of 2020 at SR 1.5 per share, representing 15% of the nominal share value. Eligibility for the second half dividends of the year will be for the shareholders owning shares on the due date – that is, the date of the Ordinary General Meeting – and those shareholders registered in the company’s share registry at the Depository Center at the end of the second trading day following the due date. The dividends will be distributed on May 3, 2021. The total dividend for 2020 is SR9 billion at SR 3 per share, representing 30% of the nominal value per share.
Sabic to distribute $1 2bn in dividends for H2 2020 tradearabia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tradearabia.com Daily Mail and Mail on Sunday newspapers.
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.