The Saudi Basic Industries Corporation (SABIC) General Assembly has approved payment dividends of 3,600 million Saudi riyals ($960 million) to shareholders, at SR 12 per share. Distributed dividends will represent 24 percent of capital, reported a press release.
SABIC recorded a 136 percent profit increase in 2003 over figures from the previous year, with turnover reaching 6.71 billion Saudi riyals ($1.79 billion).
Based in Riyadh, Saudi Arabia, SABIC was founded in 1976, when the Saudi Government decided to use hydrocarbon gases released in the production of oil as raw material for the production of chemicals, polymers and fertilizers. SABIC has two large industrial sites in the Kingdom with sixteen production complexes. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
