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SABIC to disburse SR1.33b in dividends
Riyadh, 16th Apr 2001

   The Saudi Basic Industries Corporation is to distribute SR1.33 billion ($355.46 million) in dividends for the year 2000. The company’s shareholders at a meeting here on Saturday night approved recommendations of the board of directors to pay dividends at a rate of SR5 per share. It also agreed to issue one bonus share for every eight shares, effectively raising the company’s capital to SR15 billion. The payments to shareholders will begin on April 24.

Dr. Hashim Abdullah Yamani, minister of industry and electricity and chairman of SABIC’s board of directors, chaired the annual general assembly of shareholders held at SABIC headquarters. The meeting re-elected Muhammad S. Abanumay and Abdullah M. Al-Issa as private sector representatives to the board.

The meeting also approved the auditors report for 2000, the annual remuneration for board members, the financial report and the transfer of balance profit to general reserves and the board’s recommendation to re-appoint SABIC auditors for the next year.

SABIC’s performance in 2000, Dr. Yamani said, “was crowned by a technological breakthrough, when SABIC developed a new process to produce acetic acid. Consumption of SABIC’s products in the Kingdom reached 4.4 million metric tons and exports were worth SR15.8 billion, 66 percent of all non-oil exports of the Kingdom”.

He also spoke about the long-term contract between SABIC and Saudi Aramco, under which SABIC supplies 700,000 mt/y MTBE, enabling the latter to provide lead-free gasoline to consumers in the Kingdom. The minister also thanked SABIC for achieving 75 percent to 93 percent Saudization in various departments.

SABIC Vice Chairman and Managing Director Muhammad H. Al-Mady said SABIC achieved a net profit of SR3.63 billion in 2000, an increase of 113 percent over the previous year despite higher gas and power prices and other costs, which added SR835 million to SABIC’s bills. The increase in profit stemmed from improvement in prices in most product areas last year.

“This Saudi company has increased actual production by 12 percent to reach 28 million metric tons in 2000 as sales increased six percent to reach 21.3 million metric tons,” said Al-Mady.

Major highlights for the year included the detailed engineering work and contracts for the creation of the Jubail United Petrochemical Company (UNITED), which will facilitate new production capacity in ethylene, polyethylene (PE), ethylene glycol (EG) and linear alpha olefins (LAO). SABIC is also upgrading systems and equipment to strengthen security, health and environmental protection.

Al-Mady stressed the strategic importance of the SABIC Business Transformation Project, which would enhance the company’s position as a global leader. He also praised the role of the Consolidated Purchasing Organization (CPO) in reducing costs further.

He noted that more than 125 patents were filed both inside and outside the Kingdom in 2000 and SABIC would continue to look for  new technology to boost its operations.

Source: Arab News©

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16 April 2001 07:25:52 PM

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