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SABIC shareholders to discuss SAR 6.6 billion dividend April 9

2019-03-17 11:34:19 GMT (Economies.com)

Saudi Basic Industries Corporation (SABIC) on Sunday announced it will hold an ordinary general assembly meeting on April 9, to look into the proposed dividend payout for the second half of 2018 at SAR 2.2 per share, or 22% of stock par value, totaling SAR 6.6 billion.

 

Shareholders will ratify the distributed dividend for H1-18 at SAR 2.2 per share, or 22% of stock par value, totaling SAR 6.6 billion.

 

SABIC generated SAR 3.2 billion net profit in the fiscal year ended December 31, 2018, a decrease by 12.4% from SAR 3.7 billion in FY17.

 

The giant company attributed the profit decline to a decrease in average sale of products, as well as a decline in SABIC’s share in financial results of sister companies and joint ventures.

 

SABIC made SAR 21.5 billion net profit in FY18, a rise of 16.9% year-on-year from SAR 18.4 billion.

 

FY18 revenues marginally rose to SAR 40.13 billion in FY18, compared with SAR 40.33 billion in FY17.

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