Riyadh – Mubasher: National Petrochemical Co’s (Petrochem) board recommended the distribution of cash dividends at SAR 0.5 per share for 2016.
The number of shares eligible for dividends amounts to 480 million at a total value of SAR 240 million, representing 5% of the face value, according to a bourse filing on Monday.
The eligibility of dividends concerns shareholders registered with the Securities Depository Center Company (the center) at the close of trading on the day of the general assembly’s meeting, which will be announced later.
Petrochem also reported a net profit of SAR 406.8 million in the twelve months of 2016, registering a decline of 55.14% from SAR 906.8 million in 2015.
The company attributed the losses to the planned periodic maintenance shutdowns, lower sold quantities, and higher financial obligations.
