The meeting is scheduled to take place in April 2006. Furthermore, another recommendation will be made to the General Assembly to start paying half-yearly dividends from 2006.
Mohamed Al-Mady, SABIC Vice Chairman and CEO, and SAFCO Chairman and Managing Director said, "The Board reviewed corporate performance and various other business activities. It also reviewed work in progress, particularly the construction of SAFCO's 4th plant which is expected to go on-stream during the 2nd quarter of next year (2Q2006). This will have an annual capacity of 1.1 million metric tons of Ammonia and 1.1 million metric tons of Urea.
"I congratulate the Board, executive management and all employees for contributing towards the unprecedented profits and the increased levels of Saudization, now standing at 93 percent. I value your sustained contribution in anticipation of increased efforts towards further accomplishments."
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SAFCO Board of Directors recommends distribution of SR 840 million in dividends to shareholders for 2005
- Saudi Arabia: Sunday, December 11 - 2005 at 10:47
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The Board of Directors of Saudi Arabian Fertilizer Company (SAFCO), decided in its meeting of Saturday December 10, 2005, to recommend to the Shareholders' General Assembly meeting to distribute dividends amounting to 840 million Saudi Riyals (US$224 million) to shareholders, at SR 21 (US$5.6) per share.
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Posted by Anne-Birte Stensgaard, Senior News EditorSunday, December 11 - 2005 at 10:47 UAE local time (GMT+4)
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This article was updated on Sat Jun 09 2007.
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Othman Al-Humaidi
General Manager, Corporate Communications
Saudi Basic Industries Corporation (SABIC) is the largest public company in the Middle East, ranked by market capitalization (more than US$ 150 billion), and one of the world's 10 largest petrochemicals manufacturers. The company is among the world's market leaders in the production of polyethylene, polypropylene, glycols, methanol, MTBE and fertilizers as well as the fourth largest polymer producer.
SABIC's profit rose to a record SR 14.2 billion (US$ 3.8 billion) in 2004, a 112% increase on 2003 and the company's highest profit since inception. Sales revenues for 2004 totaled SR 68.5 billion (US$ 18.3 billion), an increase of 47% on revenues in 2003 making SABIC the largest and most profitable public company in the Middle East.
SABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Polyolefins, PVC and Polyester, Fertilizers and Metals. The company has significant research resources and has dedicated Research and Technology centers in Riyadh, Geleen in the Netherlands, Houston USA and Vadodara in India. SABIC has more than 16,000 employees worldwide.
SABIC has two large production sites in Saudi Arabia - in Al-Jubail and in Yanbu - comprising 18 world-scale complexes. Some of these complexes are operated with multi-national joint venture partners such as Exxon Mobil, Shell and Mitsubishi Chemicals. SABIC's overall production capacity has increased from 35.4 million metric tons in 2001 to 42.9 million metric tons of production in 2004.
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% of SABIC shares with the remaining 30% held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.
SABIC Europe, headquartered in Sittard, the Netherlands, employs 2,300 and operates two petrochemical production sites in Geleen, the Netherlands and Gelsenkirchen in Germany for the production of polypropylenes, polyethylenes and liquid hydrocarbons. These are marketed by its European network of sales offices and logistical hubs. In 2004, SABIC Europe sold 6 million tons of polymers, base chemicals and intermediates, mainly in the European market.
General Manager, Corporate Communications
Saudi Basic Industries Corporation (SABIC) is the largest public company in the Middle East, ranked by market capitalization (more than US$ 150 billion), and one of the world's 10 largest petrochemicals manufacturers. The company is among the world's market leaders in the production of polyethylene, polypropylene, glycols, methanol, MTBE and fertilizers as well as the fourth largest polymer producer.
SABIC's profit rose to a record SR 14.2 billion (US$ 3.8 billion) in 2004, a 112% increase on 2003 and the company's highest profit since inception. Sales revenues for 2004 totaled SR 68.5 billion (US$ 18.3 billion), an increase of 47% on revenues in 2003 making SABIC the largest and most profitable public company in the Middle East.
SABIC operates six interlinked strategic business units: Basic Chemicals, Intermediates, Polyolefins, PVC and Polyester, Fertilizers and Metals. The company has significant research resources and has dedicated Research and Technology centers in Riyadh, Geleen in the Netherlands, Houston USA and Vadodara in India. SABIC has more than 16,000 employees worldwide.
SABIC has two large production sites in Saudi Arabia - in Al-Jubail and in Yanbu - comprising 18 world-scale complexes. Some of these complexes are operated with multi-national joint venture partners such as Exxon Mobil, Shell and Mitsubishi Chemicals. SABIC's overall production capacity has increased from 35.4 million metric tons in 2001 to 42.9 million metric tons of production in 2004.
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% of SABIC shares with the remaining 30% held by private investors in Saudi Arabia and other Gulf Cooperation Council countries.
SABIC Europe, headquartered in Sittard, the Netherlands, employs 2,300 and operates two petrochemical production sites in Geleen, the Netherlands and Gelsenkirchen in Germany for the production of polypropylenes, polyethylenes and liquid hydrocarbons. These are marketed by its European network of sales offices and logistical hubs. In 2004, SABIC Europe sold 6 million tons of polymers, base chemicals and intermediates, mainly in the European market.
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