Dubai, UAE — SABIC Agri-Nutrients has said it will pay its shareholders cash dividends of SAR 1.42 billion ($378 million) for the first half of 2023.
The SAR 3 per share dividends will be paid to eligible shareholders on 31 July 2023. The dividends were approved by the company’s shareholders at an extraordinary general meeting (EGM) held on March 26, 2023.
The company had reported a net profit of 10 billion Saudi riyals ($2.7 billion) for the full-year 2022, which is nearly 92 percent more than the 5.36 billion riyals in 2021.
The company, formerly known as Saudi Arabian Fertilizer Company, said in a bourse filing that its sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
The increase in net profit was due to an increase in average selling prices of company’s products, increase in quantities sold of company products.
But the increase in the profit has been limited by an increase in general and administrative expenses, selling and distribution expenses, and Zakat provision, due to an increase in the sales revenue, it added.