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Sabic to pay $1.4bn dividend despite profit drop

Architecture, Building, Factory A Sabic facility in Jubail. The company reported a net profit of SAR250 million in Q1 2024, down 62% year on year Sabic
A Sabic facility in Jubail. The company reported a net profit of SAR250 million in Q1 2024, down 62% year on year

Saudi Basic Industries Corporation (Sabic) has declared a cash dividend of more than SAR5 billion ($1.4 billion) for the first six months of 2024.

The board of the company, which is wholly owned by oil giant Saudi Aramco, announced the dividend payout this week, paying SAR1.7 per share.

The dividend payout will take place on September 24, Sabic said in a statement to the Saudi bourse.

This month the petrochemicals major reported a net profit of SAR250 million in Q1 2024, a 62 percent year-on-year drop, due to a fall in profit share from associates and joint ventures, as well as losses from discontinued operations.

In 2023, the company reported a net loss of SAR2.8 billion after average product sales fell by a fifth. 

Sabic remains steadfast in pursuing future growth despite short-term market challenges, CEO Abdulrahman Al-Fageeh said in February.

The company maintains a robust financial position and is committed to continuing shareholder cash distributions despite difficult market conditions, he added.

Sabic aims to deploy between $4 billion and $5 billion in capital expenditure in 2024 to achieve carbon neutrality targets and transform the business to maximise returns.

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