Saudi Arabia - Sabic has announced SR6.75 billion ($1.8 billion) cash dividends for the second half (H2) of 2021 at SR2.25 per share representing 22.5% of the share value, in addition to SR5.25 billion ($1.4 billion) dividends for H1 at SR1.75 per share (17.5% of the share value), bringing the total dividends for 2021 to SR12 billion ($3.2 billion).
Shareholders eligible for the second half dividends are those who own shares on the due date – the AGM date (April 10) – and those registered in the company’s share registry at the Depository Center at the end of the second trading day following the due date. The dividends will be distributed on April 25, 2022. The total proposed dividend for 2021 is SR12 billion at SR4 per share, representing 40% of the nominal value per share.
The Assembly elected the Board of Directors’ members for the next Board term of three years starting April 10.
Speaking at the meeting, Khalid Hashim Al-Dabbagh, Sabic Chairman, said two particular global challenges stood out for Sabic in 2021, the COVID-19 pandemic and the threat of climate change.
He said: “To this very day, the coronavirus’ lingering persistence is causing market volatility and supply-chain disruption. Nevertheless, I’m heartened by how we persevered with our business to achieve an admirable performance in 2021.
“As for our response to climate change, the expectations of our customers, lenders, and other stakeholders are now sky high, so to speak. Fortunately, we are incorporated in a country whose wise leaders have a vision of how the goals of the Paris Agreement can best be met in a way that respects the principles of sustainable economic growth.”
Yousef Al-Benyan, Sabic Vice Chairman and CEO, described the company’s 2021 performance as ‘extremely robust’ and said: “Sabic achieved an EBITDA of SR48.3 billion in 2021, which was 139% higher than the previous year and the fourth highest in Sabic's history. We also followed through on our transformational strategy, achieving a great value realization with Saudi Aramco. And we continued to focus on strong capital discipline, which helped to support higher dividends and position Sabic well for future growth opportunities.”
Al-Benyan highlighted Sabic’s commitment to make all operations under its control carbon neutral by 2050, taking into account the different regional and national circumstances.
“We made a public commitment for all operations under our control to be carbon neutral by 2050, taking into account the different regional and national circumstances. This aligns us with the Paris climate-change agreement and guides us in pursuit of solutions,” he said.
“We have positioned ourselves to become the preferred world leader in chemicals. But there is no room for complacency. We will extend our synergies with Saudi Aramco and further evolve our business model to continue to create value. We will meet stricter ESG standards as we promote sustainable development more broadly around the world and drive forward a circular economy for plastics. And we will embrace new norms that instil greater resilience to external disruptions and greater agility of response,” Al-Benyan concluded.
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