RIYADH, 16 March 2004 — Saudi industrial giant Saudi Basic Industries Corp (SABIC) said yesterday it would pay dividends worth SR3.6 billion ($960 million) to shareholders for 2003. A SABIC statement said the SR12 per share dividend was equivalent to 24 percent of its capital. The company earlier recorded a SR6.72 billion net profit for 2003, up 136 percent from a year earlier. It attributed the increase to higher sales and prices for its products. SABIC, 70 percent-owned by the Saudi government, owns and operates 16 complexes with international firms.