Shareholders of Saudi Arabia's Sabic approve $2.4bn 2020 cash dividend | The National
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 40 million riyals net profit for 2020, down 99.23 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.
Although net income fell sharply from the company's 5.2bn riyals earnings in 2019, it beat estimates from analysts polled by Bloomberg, who had forecast a full-year loss of almost 300m riyals due to the impact of the coronavirus pandemic.
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