The board of directors of Sahara International Petrochemical Company (Sipchem) has proposed a cash dividend per share of SAR 0.50 ($0.13) for the first half of 2024.

The total dividend works out to SAR 362.6 million, the company disclosed in a filing on the Tadawul bourse on Thursday.

The Saudi stock company, owned jointly by private sector investors of Saudi Arabia and GCC countries, posted a Q1 2024 net profit of SAR 181.5 million, down 61% year-on-year.

(Writing by Brinda Darasha; editing by Seban Scaria)