SABIC approves $2.5 billion dividends to 2005 shareholders
Posted: 25 April 2006
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Saudi Basic Industries Corporation’s (SABIC) extraordinary general assembly has approved an increase of corporate capital to $ 6.7 billion by distributing one share for each four shares held to shareholders on record.
The assembly has also approved cash dividends of $ 6.1 per share to shareholders for its operations in the 2005 fiscal year. The total dividends distributed in the fiscal year amounted to $ 2.5 billion.
HH Prince Saud Ibn Thunayan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu, and Chairman of SABIC Board of Directors, said: "SABIC has achieved unprecedented accomplishments in production, marketing, development and technological areas during 2005. These milestones resulted in a rise in revenues and profits as well as growth of SABIC's assets. All this demonstrates SABIC's sound financial position and its integral relations with the national production sectors to gradually replace imported goods.
Mohamed Al-Mady, SABIC Vice CEO added: "SABIC has recorded its highest-ever achievements in 2005. Net profits rose to $ 5.1 billion compared to $ 3.8 billion in 2004. Production and sales increased to 46.7 and 36.6 million metric tons respectively, an increase of 9% each. Revenues exceeded $20.8 billion compared to $18.3 billion in 2004. Total assets amount to $ 36.5 billion compared to $33.3 billion.”
“The great success of SABIC will not be a cause for any slowdown or slackening of efforts. There would be more challenges due to competition arising from the Kingdom's accession to the World Trade Organization and the emergence of many new competitive petrochemical projects, particularly in the Middle East region,” Al-Mady said adding SABIC's expansion projects are on track to increase the company's total annual capacity to 64 million metric tons by 2008.
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