Payment will be made on May 1, 2004. Distributed dividends will represent (24%) of capital.
SABIC Chairman, Prince Saud Ibn Abdullah Ibn Thunayan Al-Saud, said: "2003 has been the year of record accomplishments. SABIC has realized its highest figures of productivity, marketing development, technology and profitability ever since its formation. These ongoing accomplishments are the outcome of diligent and persistent efforts by SABIC, its Affiliates and partners. SABIC will continue to improve in years to come through well organized strategic planning, utilization of local and global investment opportunities, investment in human resources and strengthening its global presence".
SABIC Vice Chairman and CEO, Mohamed Al-Mady, summarized the company's accomplishments saying: 'This year SABIC has achieved record profits, earning SR6696 million (US$ 1.79 billion). This is a 12% increase over the profits earned in 1995 (previously the most successful year) and a 135% increase over 2002's profits. Our total capacity in 2003 was 42.3 million metric tons. Sales exceeded 33.9 metric tons and revenues stand at approximately SR 47 billion (US$ 12.56 billion). SABIC is planning to reach an annual capacity of 45 million metric tons during the current year and 60 million by 2008 through local and global investment. SABIC has become the world's eleventh largest producer of petrochemicals, inspired by its ambition to ultimately become the world's largest producer of petrochemicals."
The General Assembly approved the Report of the Board of Directors for the year 2003, the Company's Auditors' Report & Accounts and the members of the Board of Directors' remuneration for the year ended December 31, 2003. Also, the General Assembly agreed to hold the members of the Board of Directors harmless for the same year and approved the addition of 10% of profits to the statutory reserve, addition of balance profits to the general reserve, and appointment of an Auditor for 2004.
The General Assembly named Messrs. Abdullah M. Al-Issa and Mohammed S. Abanumay as the members to represent the Private Sector on the SABIC Board of Directors from 2004 to 2006.
Browse
related articles
Record annual results announced at SABIC General Assembly
- Saudi Arabia: Monday, April 19 - 2004 at 09:59
- PRESS RELEASE
Related content
SABIC General Assembly last night approved payment of dividends of SR 3,600 million (US$ 960 million) to shareholders, at SR 12 per share.
Article Options
Log in to request more information from SABIC
Posted by Christine H. Andersen, Assistant News EditorMonday, April 19 - 2004 at 09:59 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / 4C.
This article was updated on Mon Apr 26 2004.
Notes and Media Contacts »
The General Assembly meeting was convened at SABIC Corporate Headquarters in Riyadh under the Chairmanship of His Highness Prince Saud Ibn Abdullah Ibn Thunayan Al-Saud, President, Royal Commission for Jubail and Yanbu and Chairman of the Board of Directors of SABIC.
SABIC has become the world's eleventh largest producer of petrochemicals, inspired by its ambition to ultimately become the world's largest producer of petrochemicals.
SABIC is the first world's largest producer of granular urea, the second world's largest producer of glycol ethylene, methyl tertiary butyl ether, chemical methanol and the third world's largest producer of polyethylene. Overall, SABIC is the world's fourth largest polyolefin producer and the sixth largest producer of polypropylene.
SABIC employs more than 16,000 people worldwide, most of whom are based in Saudi Arabia. In 2003, SABIC posted sales of approximately SR47.1bn (US$12.56bn) and a net profit of approximately SR6.716bn (US$1.79bn).
The Middle East's largest petrochemicals company, SABIC, is based in Riyadh, Saudi Arabia.
It was founded in 1976, when the Saudi Arabian Government decided to use hydrocarbon gases released in the production of oil as raw material for the production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70% of SABIC shares, with the remaining 30% held by private investors in Saudi Arabia and other countries of the Gulf Cooperation Council (GCC).
SABIC's business activities have been restructured and a new management model became effective on 1 September 2002. There are now six Strategic Business Units (SBUs): Basic Chemicals; Intermediates; Polyolefins; PVC & Polyester; Fertilizers and Metals. Supporting all these functions is a corporate core consisting Human Resources; Corporate Finance; Corporate Control and Research & Technology. A Shared Services Organization became operational in 2003.
SABIC has two large industrial sites in Saudi Arabia - Al-Jubail and Yanbu - with 16 world-scale production complexes. Some of these production complexes are operated with multi-national partners such as Exxon Mobil, Shell, Fortum, Ecofuel/ENI and Mitsubishi Chemicals. In addition, SABIC has interests in three production complexes in Bahrain. Over the last 16 years, SABIC's overall production capacity has increased considerably. In 2003 it amounted to 42.3 million metric tons.
SABIC EuroPetrochemicals owns two petrochemical production sites in Geleen (Netherlands) and Gelsenkirchen (Germany) for the production, marketing and sales of polypropylenes, polyethylenes and hydrocarbons. It annually sells about 2.6 million tonnes of polymers, mainly in Europe. About 2,300 people are employed at SABIC EuroPetrochemicals.
SABIC has become the world's eleventh largest producer of petrochemicals, inspired by its ambition to ultimately become the world's largest producer of petrochemicals.
SABIC is the first world's largest producer of granular urea, the second world's largest producer of glycol ethylene, methyl tertiary butyl ether, chemical methanol and the third world's largest producer of polyethylene. Overall, SABIC is the world's fourth largest polyolefin producer and the sixth largest producer of polypropylene.
SABIC employs more than 16,000 people worldwide, most of whom are based in Saudi Arabia. In 2003, SABIC posted sales of approximately SR47.1bn (US$12.56bn) and a net profit of approximately SR6.716bn (US$1.79bn).
The Middle East's largest petrochemicals company, SABIC, is based in Riyadh, Saudi Arabia.
It was founded in 1976, when the Saudi Arabian Government decided to use hydrocarbon gases released in the production of oil as raw material for the production of chemicals, polymers and fertilizers. The Saudi Arabian Government owns 70% of SABIC shares, with the remaining 30% held by private investors in Saudi Arabia and other countries of the Gulf Cooperation Council (GCC).
SABIC's business activities have been restructured and a new management model became effective on 1 September 2002. There are now six Strategic Business Units (SBUs): Basic Chemicals; Intermediates; Polyolefins; PVC & Polyester; Fertilizers and Metals. Supporting all these functions is a corporate core consisting Human Resources; Corporate Finance; Corporate Control and Research & Technology. A Shared Services Organization became operational in 2003.
SABIC has two large industrial sites in Saudi Arabia - Al-Jubail and Yanbu - with 16 world-scale production complexes. Some of these production complexes are operated with multi-national partners such as Exxon Mobil, Shell, Fortum, Ecofuel/ENI and Mitsubishi Chemicals. In addition, SABIC has interests in three production complexes in Bahrain. Over the last 16 years, SABIC's overall production capacity has increased considerably. In 2003 it amounted to 42.3 million metric tons.
SABIC EuroPetrochemicals owns two petrochemical production sites in Geleen (Netherlands) and Gelsenkirchen (Germany) for the production, marketing and sales of polypropylenes, polyethylenes and hydrocarbons. It annually sells about 2.6 million tonnes of polymers, mainly in Europe. About 2,300 people are employed at SABIC EuroPetrochemicals.
Disclaimer »
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / 4C. AME Info FZ LLC / 4C is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
