Riyadh – Mubasher: Saudi Basic Industries Corporation’s (SABIC) shareholders approved the distribution of cash dividends worth SAR 9 billion for the full year 2020, according to a bourse filing on Wednesday.

The equityholders gave the green light for the board’s recommendation to pay SAR 4.5 billion dividends for the second half (H2) of 2020. The company is disbursing SAR 1.5 per share or 15% of the nominal value per share on 3 May.

SABIC’s shareholders also approved the SAR 4.5 billion dividend distribution for the first half (H1) of 2020.

Last December, the company said it would pay out SAR 1.5 per share as dividends for the first six months of 2020.

SABIC’s income statements for last year indicated a plunge of 98.65% in net profits to SAR 70 million, compared with SAR 5.2 billion in 2019.