| SABIC
dividend payment confirmed at meeting
Posted: 20 April 2003
Distribution of SR 1,500 million for shareholders at SR
5 per share
Riyadh, Saudi Arabia — The Board of Directors
of Saudi Basic Industries Corporation (SABIC) today announced dividends
of SR 1,500 million (US$ 400 million) to company shareholders at
the annual rate of SR 5 per share. The announcement, at SABIC’s
Annual General Assembly meeting, stated that dividends to shareholders
would be paid on May 5, 2003.
SABIC’s audited full-year 2002 results were distributed to
members of the assembly, and in addition to the shareholders’
dividends, it was announced that members of SABIC’s Executive
Committee would be awarded a bonus due to the encouraging figures.
Commenting at the General Assembly meeting, Prince Saud bin Thunayan
Al-Saud, SABIC’s new Chairman said: “I am very pleased
to be selected as SABIC’s new Chairman, and on behalf of the
board would like to thank my predecessor Dr Hashim Yamani, for his
wise counsel and enthusiastic support that has made SABIC what it
is today.
“Following the move to its new headquarters last year, this
is SABIC’s first General Assembly meeting in the new building.
Last year was very positive for SABIC with impressive results: Production
capacity increased to 40.5 million metric tons; sales volume to
29.6 million metric tons; and sales value reached SR 34 billion
(US$ 9.06 bn). I am convinced that SABIC will continue to grow and
develop over the coming years” he said.
Mohamad Al-Mady, SABIC’s Vice Chairman and Managing Director
summarised the financial results and added: “In 2002 we saw
all parts of SABIC’s operation expand, and we have made a
number of notable achievements:
“Safety is paramount at SABIC, and I am proud to announce
that we achieved 76 million man-hours without any major incidences.
“As part of our business transformation restructure, last
year saw the start of the FANAR project, which is helping to integrate
the business, increase productivity and lower costs.
“We are proud of our R&T achievements, and the SABIC
Technology Centers - both in Saudi Arabia and across the world -
continue to pay a vital role in our business developing new innovations,
and helping to improve and guarantee the reputation of the SABIC
brand.
“Finally, people are SABIC’s most valuable asset. We
understand and supports Saudi Arabia’s position on Saudisation,
and it continues to be an important objective for us. In 2002 Saudis
formed 79 per cent of the company’s workforce with most non-Saudis
predominantly based at SABIC’s overseas locations” he
said.
Posted by Richard Price,
Editor Pipeline Magazine
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