Riyadh – Mubasher: The board of Sahara International Petrochemical Company (Sipchem) approved cash dividends worth SAR 362.56 million, representing 5% of the capital, for the first half (H1) of 2024.

The company will pay out a dividend of SAR 0.50 per share for 725.12 million eligible shares, according to a bourse disclosure.

Eligibility and payment dates for the H1-24 dividends will be 27 June and 11 July 2024, respectively.

In the first quarter (Q1) of 2024, Sipchem recorded 61.40% lower net profits at SAR 181.50 million, compared to SAR 470.30 million in Q1-23.

Earnings per share (EPS) dropped to SAR 0.25 as of 31 March 2024 from SAR 0.65 a year earlier, while the revenues declined by 7.79% to SAR 1.92 billion from SAR 2.08 billion.