Saudi Arabia’s Sahara International Petrochemical Company (Sipchem) said that its board of directors has decided to distribute a dividend of 0.6 Saudi riyal ($0.16) per share for H1 2019.

The company had announced a Q2 2019 net profit after Zakat and tax of 210.9 million riyals ($56.22 million), compared to 211.4 million riyals in Q2 2018.

Sipchem’s Q2 2019 sales stood at 1.41 billion riyals, compared to 1.47 billion riyals in Q2 2018, a drop of 4.08 percent.

Major petrochemical companies in Saudi Arabia announced a curtailment of feedstock supplies at the beginning of last week following attacks on Aramco sites. (Read more here)

Later in the week, petrochemicals in the Kingdom announced an improvement in feedstock supplies. (Read more here)

Sipchem announced on September 18 that the curtailment of its feedstock supplies went down from 40 percent to approximately 20 percent.    

(Reporting by Gerard Aoun; Editing by Mily Chakrabarty)

(Gerard.aoun@refinitiv.com)

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