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SABIC to disburse over SAR 5bn dividends for H1-24

SABIC to disburse over SAR 5bn dividends for H1-24
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Riyadh – Mubasher: The board of Saudi Basic Industries Corporation (SABIC) agreed to pay cash dividends valued at SAR 5.10 billion for the first half (H1) of 2024.

SABIC will distribute a dividend of SAR 1.70 per share for 3 billion eligible shares, according to a bourse disclosure.

Eligibility and disbarment dates for the H1-24 dividends will be 3 and 24 September 2024, respectively.

The board members greenlighted cash dividends, which represent 17% of the company’s capital, during their meeting on 21 May.

In the first quarter (Q1) of 2024, SABIC posted 62.12% lower net profits at SAR 250 million, compared to SAR 660 million in Q1-23.

Earnings per share (EPS) decreased to SAR 0.08 as of 31 March 2024 from SAR 0.22 a year earlier, while the revenues declined by 10.26% to SAR 32.69 billion from SAR 36.43 billion.