SABIC to distribute $1.2bn in H2 2020 dividends

The Saudi Basic Industries Corporation (SABIC) has approved cash dividends amounting to SR4.5 billion ($1.2 billion) to shareholders for the second half of 2020.

Eligible shares will be entitled to a dividend of SR1.5 per share, representing 15 percent of the nominal share value, the company said in a statement. It will be distributed on May 3, 2021.

The announcement brings the total dividend for last year to SR9 billion at SR3 per share.

CEO Yousef Al-Benyan highlighted the company’s resilience amid the pandemic, recording an improved performance in sales volumes to SR117 billion.

“Our resilience is defined by our sound business model, operational efficiency, and effective customer engagement,” he said.

SABIC’s production levels increased by 0.8 percent in 2020 compared to pre-pandemic figures, Al-Benyan added.