The Board of Directors of the Saudi Basic Industries Corporation (SABIC) recommended distributing cash dividends of 1.5 riyals per share, at a rate of 15% of the par value of the share, for the second half of the year 2020.
According to Arabiya Net, SABIC said in a statement that the total amount distributed is 4.5 billion riyals, for the number of outstanding shares about 3 billion shares.
and the eligibility for cash distributions to shareholders who own shares will be on the day of entitlement registered in the company's shareholders register at the Depository Center at the end of the second trading day following the day of the company's general assembly, which will be announced. It is also reported later, and likewise, the distribution date will be announced later.
The company had distributed 1.5 riyals per share for the first half of 2020, with a total amount of 4.5 billion riyals for 3 billion shares, bringing the total distribution for 2020 to 9 billion riyals .
And SABIC announced earlier, its net profit during the third quarter of 2020 by 1.09 billion riyals, compared to 740 million riyals during the same period last year, an increase of 47.3 %.
During the first nine months of this year, the company incurred losses amounting to 2.18 billion riyals, compared to 6.09 billion riyals profits during the same period last year. The company attributed the losses to the decrease in the average selling prices of products, in addition to recording provisions for a decrease in the value of some capital and financial assets, net of 1.55 billion riyals.
