Riyadh, Saudi Arabia — Saudi Basic Industries Corporation has approved the payment of a cash dividend at 16%, or SAR 1.6 a share, for the first half of 2023.
The company said in a statement to Tadawul that the dividend of SAR 4.8 billion ($1.27 billion) is payable on March 4, 2024.
SABIC has announced full-year dividend of SAR 10.2 billion or 34 percent (SAR 3.4 a share) of its current capital of SAR 30 billion.
The company had posted a net loss of SAR 1.04 billion ($277 million) in the first nine months of 2023, against a net profit of SAR 16.24 billion a year earlier.
In the third quarter period, the petrochemicals giant swung to a net loss of SAR 2.9 billion, against a net profit of SAR 1.84 billion in Q3 2022.
SABIC cited stagnation in global demand for chemicals, which weighed on average selling prices, and led sales value to drop by SAR 7.3 billion year-on-year (YoY).
It reported a decline of SAR 919 million YoY in its profit share from JVs and associates, primarily due to a decrease in sales volumes and selling prices.
An impairment charge of SAR 255 million was recorded in certain capital assets, as part of the restructuring program in Europe to improve the return on investment.
