SABIC Board Approves Bonus Share and Dividend Increase Plan
Posted: 23 March 2005
The SABIC Board of Directors announced a plan to distribute one bonus share for every three shares held, and pay a cash dividend of SR 15 per share. These actions must be approved by shareholders at the company's Annual General Meeting in April 2005.
The company's financial statement for 2004 reflects record achievements in terms of profits and revenues. The company also became the world's most profitable chemical company in terms of both net income and return-on-equity.
The company recorded net profits of SR 14.25 billion, an increase of 112 percent over the prior year, and consolidated sales of SR 68.7 billion.
Earnings per share increased to SR 47 in 2004, compared to SR 22 in 2003. Likewise, return-on-equity increased to 31 percent in 2004, compared to 18 percent in the prior year.
The Board of Directors also ratified a recommendation to issue securities in an effort to diversify the company's future financing resources.
Mohammed Al-Mady, Vice Chairman and Chief Executive Officer, said the company will continue to generate excellent results during 2005 in light of analyst and economic forecasts, growing global demand for SABIC products, and the company's continuing growth in production and sales.
Al-Mady added that profits realized in 2004 reflect the improvement of the global economy in parallel with the company's intensive efforts to increase and improve the productivity and marketing in areas of the greatest competition. He cited the company's on-going efforts to minimize the operating costs and establishing a long-term process of interface and liaison with industrial consumers worldwide, making use of the Shared Services and FANAR Project efficiencies, developing the human resources, SABIC improvements in quality control and safety, and environmental protection.
The company will further intensify the efforts of its Research and Technology unit to improve processes, and continue production and expansion projects to reach an annual production goal of 60 million metric tons by 2008.
Posted by Editor Pipeline Magazine
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