The board of Saudi Basic Industries Corporation (Sabic), the Middle East's biggest petrochemicals company, approved a dividend of 6.75 billion Saudi riyals ($1.8bn) for the first half of 2022, as the company continues to post profits amid a market recovery.
The first-half cash dividend of 2.25 riyals a share represents 22.5 per cent of the nominal share value and will be distributed to eligible shareholders on October 2, Sabic said in a statement on Sunday to the Tadawul Stock Exchange, where its shares are traded.
The dividend will be distributed to shareholders “who own the company shares on the eligibility date and enrolled in the company's register at Securities Depository Centre Company (Edaa) by the end of the second trading day following the due date, corresponding to September 11, 2022”, the company said.
Sabic is majority-owned by the world’s largest oil-exporting company, Saudi Aramco, which acquired a 70 per cent stake in the company in 2020 for $69bn.
The company reported a 33 per cent jump in first-quarter profit after revenue rose on higher average selling prices and volumes.
Net profit after zakat and tax for the three months to the end of March climbed to 6.47bn riyals as revenue during the period rose 40 per cent to 53bn riyals.
“Sabic’s first-quarter results demonstrated strong performance, driven by continued healthy demand for our products, higher oil prices and our diverse global portfolio,” Yousef Al Benyan, the company's vice chairman and chief executive, said at the time.
Oil prices have continued to trade higher, supported by supply concerns caused by Russia’s military offensive in Ukraine. Brent, the global benchmark for two-thirds of the world's oil, is up more than 40 per cent since the start of this year, after falling from a 14-year high of about $140 a barrel in the middle of March amid the Russia-Ukraine conflict.
Aggregate earnings of Saudi Arabia’s listed petrochemicals companies are expected to “normalise” this year after a record 2021 amid changing market dynamics, SNB Capital, the investment banking arm of the kingdom’s biggest lender, said in a report earlier this year.
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Afghanistan fixtures
- v Australia, today
- v Sri Lanka, Tuesday
- v New Zealand, Saturday,
- v South Africa, June 15
- v England, June 18
- v India, June 22
- v Bangladesh, June 24
- v Pakistan, June 29
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Develop an innovative business concept
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UAE currency: the story behind the money in your pockets
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Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
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Who is Tim-Berners Lee?
Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.
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Liverpool’s fixtures until end of 2019
Saturday, November 30, Brighton (h)
Wednesday, December 4, Everton (h)
Saturday, December 7, Bournemouth (a)
Tuesday, December 10, Salzburg (a) CL
Saturday, December 14, Watford (h)
Tuesday, December 17, Aston Villa (a) League Cup
Wednesday, December 18, Club World Cup in Qatar
Saturday, December 21, Club World Cup in Qatar
Thursday, December 26, Leicester (a)
Sunday, December 29, Wolves (h)
