Dividends for the first half of 2008 amounted to SR6 per share. This is due to Safco achieving record performance and improved business processes in the areas of safety, environment, production and sales.
Eligibility to dividends for the second half of 2008 shall be for shareholders registered in Tadawul by the end of trading on the day of the SAFCO General Assembly Meeting, to be held at the beginning of 2009.
The Board also reviewed the conditions of global markets and the repercussions of the financial crisis and approved a number of recommendations that would raise productivity and reduce costs.
Mohamed Al-Mady, Chairman of Safco and Vice Chairman and CEO of Sabic commended the efforts of employees in achieving these accomplishments in 2008.
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Safco board recommends distribution of SR7 per share for second half of 2008
- Saudi Arabia: Thursday, November 27 - 2008 at 09:28
- PRESS RELEASE
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At a meeting held on November 25, 2008, the Board of the Sabic affiliate Safco recommended distribution of dividends equivalent to SR7 per share for the second half of 2008.
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Posted by Lara Lynn Golden, News EditorThursday, November 27 - 2008 at 09:28 UAE local time (GMT+4)
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Othman Al-Humaidi
General Manager, Corporate Communications
About Sabic
Saudi Basic Industries Corporation (SABIC) is among the world's top 5 petrochemicals companies. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
Sabic's profit rose to a record SR27bn ($7.2bn) in 2007, a 33% increase over 2006. Sales revenues for 2007 totalled SR126.2bn ($33.7bn), the highest revenues achieved by the company since its inception. Total assets stood at SR256bn ($68.3bn) at the end of 2007.
Sabic operates six interlinked strategic business units: Basic Chemicals, Intermediates, Specialty Products, Polymers, Fertilizers and Metals. In 2007 Sabic Innovative Plastics was launched as a global manufacturer and supplier of highly engineered thermoplastics. Sabic has significant research resources and has 16 dedicated Research and Technology and application centers in the Middle East, the Americas, Europe and Asia-Pacific. The company operates in more than 40 countries across the world with over 31,000 employees worldwide.
In Saudi Arabia, the company has 20 world-scale complexes and 19 of them are located in the industrial cities of Al-Jubail and Yanbu. Some of these complexes are operated with multi-national joint venture partners such as ExxonMobil, Shell and Mitsubishi Chemicals. Elsewhere, Sabic manufactures on a global scale in more than 45 countries in the Americas, Europe and Asia Pacific. Sabic's overall production has increased from 27 million metric tons in 2001 to 55 million metric tons in 2007.
Headquartered in Riyadh, Sabic was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of Sabic shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.
General Manager, Corporate Communications
About Sabic
Saudi Basic Industries Corporation (SABIC) is among the world's top 5 petrochemicals companies. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
Sabic's profit rose to a record SR27bn ($7.2bn) in 2007, a 33% increase over 2006. Sales revenues for 2007 totalled SR126.2bn ($33.7bn), the highest revenues achieved by the company since its inception. Total assets stood at SR256bn ($68.3bn) at the end of 2007.
Sabic operates six interlinked strategic business units: Basic Chemicals, Intermediates, Specialty Products, Polymers, Fertilizers and Metals. In 2007 Sabic Innovative Plastics was launched as a global manufacturer and supplier of highly engineered thermoplastics. Sabic has significant research resources and has 16 dedicated Research and Technology and application centers in the Middle East, the Americas, Europe and Asia-Pacific. The company operates in more than 40 countries across the world with over 31,000 employees worldwide.
In Saudi Arabia, the company has 20 world-scale complexes and 19 of them are located in the industrial cities of Al-Jubail and Yanbu. Some of these complexes are operated with multi-national joint venture partners such as ExxonMobil, Shell and Mitsubishi Chemicals. Elsewhere, Sabic manufactures on a global scale in more than 45 countries in the Americas, Europe and Asia Pacific. Sabic's overall production has increased from 27 million metric tons in 2001 to 55 million metric tons in 2007.
Headquartered in Riyadh, Sabic was founded in 1976 when the Saudi Arabian Government decided to use the hydrocarbon gases associated with its oil production as the principal feedstock for production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70 percent of Sabic shares with the remaining 30 percent held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.
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