SABIC:
record annual results announced
Posted: 19 April 2004
Distribution of SR 3,600 million for shareholders at SR
12 per share (SR 1,500 million – SR 5 per share in 2003)
SABIC General Assembly last night approved payment of dividends
of SR 3,600 million (US$ 960 million) to shareholders, at SR 12
per share. Payment will be made on May 1, 2004. Distributed dividends
will represent (24%) of capital.
SABIC Chairman, Prince Saud Ibn Abdullah Ibn Thunayan Al-Saud,
said: “2003 has been the year of record accomplishments. SABIC
has realized its highest figures of productivity, marketing development,
technology and profitability ever since its formation.
“These ongoing accomplishments are the outcome of diligent
and persistent efforts by SABIC, its Affiliates and partners. SABIC
will continue to improve in years to come through well organized
strategic planning, utilization of local and global investment opportunities,
investment in human resources and strengthening its global presence”.
SABIC Vice Chairman and CEO, Mohamed Al-Mady, summarized the company’s
accomplishments saying: “This year SABIC has achieved record
profits, earning SR6696 million (US$ 1.79 billion). This is a 12%
increase over the profits earned in 1995 (previously the most successful
year) and a 135% increase over 2002’s profits.
“Our total capacity in 2003 was 42.3 million metric tons.
Sales exceeded 33.9 metric tons and revenues stand at approximately
SR 47 billion (US$ 12.56 billion).
“SABIC is planning to reach an annual capacity of 45 million
metric tons during the current year and 60 million by 2008 through
local and global investment.
“SABIC has become the world’s eleventh largest producer
of petrochemicals, inspired by its ambition to ultimately become
the world’s largest producer of petrochemicals”.
The General Assembly approved the Report of the Board of Directors
for the year 2003, the Company’s Auditors’ Report &
Accounts and the members of the Board of Directors’ remuneration
for the year ended December 31, 2003.
Also, the General Assembly agreed to hold the members of the Board
of Directors harmless for the same year and approved the addition
of 10% of profits to the statutory reserve, addition of balance
profits to the general reserve, and appointment of an Auditor for
2004.
The General Assembly named Messrs. Abdullah M. Al-Issa and Mohammed
S. Abanumay as the members to represent the Private Sector on the
SABIC Board of Directors from 2004 to 2006.
For more information see http://www.sabic.com/
Posted by Richard Price,
Editor Pipeline Magazine
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