RIYADH: Saudi Basic Industries Corp. (SABIC), one of the world’s top five petrochemical companies, has announced SR9 billion dividends to its shareholders at SR3 per share for the year 2008, the Saudi Press agency announced here yesterday.
The decision to approve the dividends was taken at a recent General Assembly meeting held under the chairmanship of Prince Saud bin Thenayan Al-Saud, chairman of the Royal Commission for Jubail and Yanbu, and chairman of the SABIC board of directors. According to sources from the company, SABIC distributed dividends to shareholders for the first half of 2008, at SR1.75 per share. Eligibility of the second half of dividends at SR1.25 shall be for shareholders listed on Tadawul (Saudi Stock Exchange) records as at the end of trading on the date of the General Assembly’s meeting.
The General Assembly also approved the board of directors’ report for the fiscal year ending Dec. 31, 2008.
Prince Saud praised the proactive interaction of SABIC’s shareholders on corporate development objectives and leadership ambitions. He also said that SABIC continues development of revenues and returns of operations with an average growth of profits in the last five years of 34 percent, average sales growth of 28 percent and average growth of assets of 21 percent. Assets increased to SR272 billion by the end of 2008.
Mohamed Al-Mady, SABIC vice chairman and CEO, threw further light on the achievements of the company during the past year in the areas of production, marketing, revenue and profitability.