Riyadh – Mubasher: The extraordinary general meeting (EGM) of the Saudi Basic Industries Corp (SABIC) has approved a cash dividend of SAR 2 per share, or 20% of the share’s par value.
The dividends, totalling SAR 6 billion for the second half of 2016, were approved during a meeting held Tuesday.
The distribution of dividends to the registered shareholders will start on 23 April, according to the company’s statement on Wednesday to the Saudi Stock Exchange (Tadawul).
SABIC’s EGM voted to distribute the same amount of dividends for the first half of 2016. It also authorised the board to distribute interim cash dividends for 2017, the statement added.
It also approved the board’s and auditors’ reports for 2016, and absolved the board for that period.
SABIC posted a net profit of SAR 17.84 billion in 2016, compared to SAR 18.77 billion in 2015, registering a decrease of 4.95%.
By 11:46 am Saudi time, SABIC’s stock fell 1.09% to SAR 100.25.
