SABIC approves SR15bn dividends

April 16, 2012

Sabic


Jubail, April 16: The Annual General Assembly meeting of Saudi Basic Industries Corporation (SABIC) held on Saturday, under the chairmanship of Prince Saud bin Abdullah bin Thunayan Al-Saud, chairman of the Royal Commission for Jubail and Yanbu, and chairman of SABIC, approved payment of SR15 billion dividends to shareholders at SR5 per share for its operations in 2011.


The company had distributed dividends to shareholders for the first half of 2011 at SR2 per share. Eligibility for receiving the second half dividend payment at SR3 will be for shareholders listed in Tadawul (Saudi stock exchange) records as at the end of trading on the day of the General Assembly meeting.


The General Assembly also approved all other items on its agenda including the board of directors' report for the fiscal year ending Dec. 31, 2011, the company's audit report, the final accounts for the year, the board of directors' remunerations for the year, the conditions for holding the board of directors free from any liabilities for the year, and the addition of the remaining profits to the next general reserves.


The General Assembly also approved the recommendation of the auditing committee, which involves the selection of an external auditor to audit SABIC's quarterly and annual accounts. In addition to this, the fees for this independent auditor for the fiscal year 2012 were also determined and two members from the board of directors' list of candidates were selected to represent the private sector.


In his remarks, Prince Saud praised the participation of SABIC's shareholders on helping to achieve corporate development objectives and leadership ambitions. He pointed out that the company's growing success and performance is the result of integrated and combined efforts of SABIC's board, executive management, employees, shareholders, customers and suppliers. He also highlighted the important role of Custodian of the Two Holy Mosques King Abdullah and his government in contributing toward this success.


Prince Saud highlighted that SABIC has increased its production and marketing operations in the past year, bringing the total production of the company's manufacturing complexes to approximately 69 million tons, which is 3.3 percent above last year's. Also, sales rose by 5 percent to reach 54.2 million tons.


The company's total assets grew to SR333 billion compared to SR316 billion and the net income increased to SR29.2 billion compared to SR 21.5 billion. Furthermore, the shareholders' equity increased to SR138 billion compared to SR 121 billion and dividends increased to SR15 billion at SR5 per share compared to SR10.5 billion at SR3.5 per share.


Mohamed Al-Mady, SABIC vice chairman and CEO, outlined the company's achievements during 2011 and its efforts to double its national contributions and enhance its competitiveness in global markets.


"SABIC continues to invest in China and it represents the company's fastest growing global market. Perhaps the most important factor of our success in China is our partnership with Sinopec. We laid the foundation for a polycarbonate production complex with a 260 kilo metric tons per annum capacity. When fully operational in 2015, SABIC will be one of the largest producers of polycarbonate in the world. We also launched a technology center in China to serve the purpose of research and development of products in this promising market," said Al-Mady.


He also addressed the importance of the SABIC Academy, which was launched by the company last month. "The Academy is SABIC's own university. Its role is not limited to education and training, as it contributes strongly to the national gross domestic product and will have a positive effect on our company in the short and long run." He added: "We recognize that our future success depends primarily on our ability to overcome the challenges we are faced with, meet the needs of our customers, and ensure their success. I am confident that we have a talented team that is able to meet these challenges."


New SABIC brand

Meanwhile, Al-Mady unveiled the new SABIC brand at Saturday’s meeting. With the introduction of the new SABIC brand, the company is signaling and further reinforcing its intent to become the preferred world leader in chemicals.


SABIC's new tagline, Chemistry that matters, demonstrates a renewed focus on creating long-term relationships that deliver profitable growth and success. It represents SABIC's commitment toward partnering closely with customers, employees, suppliers, and the communities in which SABIC operates, powering mutual success and growth.


"Chemistry that matters, unites and inspires us all by capturing the true essence of SABIC," said Al-Mady. Over the past 24 months, we've listened closely to what matters most to our stakeholders, and have co-created a solid new foundation and positioning for our brand and organization. We are investing in our brand long-term, and adding three key ingredients to our formula for success - a strong global call to action, a renewed emphasis on existing SABIC values that guide our behavior and delivery, and a new identity and visual system to boldly project our brand and our company worldwide.

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News Network
April 4,2025

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Israel has announced the launch of a new ground onslaught in Gaza City, with rescuers saying military aggression has killed at least 30 people across the Palestinian territory since dawn.

In Gaza City, the Israeli military said ground troops had begun pushing into the Shejaiya neighborhood to expand the so-called "security zone" there, claiming that civilians had been allowed to evacuate the area. 

Initial reports, however, said a Palestinian woman and her daughter were just killed in an Israeli artillery shelling on displaced people in Shejaiya.

Gaza's civil defense agency said Israeli military aggression had killed at least 30 people in the Palestinian territory since dawn, adding that the toll was "not final".

A single Israeli strike on Khan Yunis killed at least 25 people, a medical source at the southern city's Nasser Hospital said. 

"The situation is very dangerous, and there is death coming at us from every direction," Elena Halas told AFP reportedly via text message, adding that she and her family were trapped in her sister's house in Shejaiya.

Israel has pushed since the collapse of a short-lived truce in the war to seize territory in Gaza. Simultaneously, it has escalated attacks on Lebanon and Syria, with a strike in the south Lebanese city of Sidon killing a Hamas commander along with his son on Friday. 

Minister of military affairs Israel Katz had said on Wednesday that Israel would bolster its military presence inside the Gaza Strip to "seize large areas that will be incorporated into Israeli security zones", without specifying how much territory.

Prime minister Benjamin Netanyahu said the military was dividing Gaza and "seizing territory" to force Hamas to free the remaining captives seized in the October 2023 operation inside southern settlements. 

Netanyahu has said his regime is working closely with the US to implement President Donald Trump's plan to displace Gazans.

Latest air raids have targeted Gaza City, as well as Beit Lahia, Rafah, and Khan Yunis, killing dozens of people and injuring several others.

On Thursday, hundreds of thousands of fleeing Gazans sought shelter in one of the biggest mass displacements of the war, as Israeli forces advanced into the ruins of the city of Rafah. 

A day after declaring their intention to capture large swathes of the crowded territory, Israeli forces pushed into the city on Gaza's southern edge which had served as a last refuge for people fleeing other areas for much of the war.

The Ministry of Health in Gaza said on Thursday that 112 Palestinians were killed by Israeli airstrikes, with at least 70 of those deaths taking place in Gaza City, in the north of the strip. 

Gaza's civil defense agency said women and children were among the dead, while six people were still unaccounted for in the strike on Dar al-Arqam School in the al-Tuffah neighborhood, northeast of Gaza City, including a pregnant woman who was expecting twins. 

Beit Hanoun Mayor Mohammad Nazek Al-Kafarna was one of the victims of the Israeli strike that hit the school on Thursday.

The Health Ministry said on Thursday that 1,163 people have been killed in the Palestinian territory since Israel resumed intense bombing on March 18, bringing the overall death toll since the war began to 50,523.

The usurping entity accepted longstanding negotiation terms by the Hamas resistance group under a Gaza ceasefire, which began on January 19.

On March 18, however, Israel unilaterally broke the truce and resumed its relentless bombing of Gaza.

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News Network
April 14,2025

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Israel has prevented tens of thousands of Palestinians in the occupied West Bank from entering the holy land of Jerusalem to celebrate a Christian festivity at the city’s churches.

The Palestinian WAFA news agency reported that only a limited number of Palestinian Christians were able to attend celebrations in al-Quds for the Palm Sunday feast day. 

Israeli forces issued only 6,000 permits for West Bank Christians, although the population exceeds 50,000, the report added.

The occupation’s soldiers imposed strict measures at checkpoints surrounding al-Quds and its Old City, home to the Church of the Holy Sepulchre.

“This is the second consecutive year that only a small number of pilgrims are able to participate in Holy Week and Easter celebrations in al-Quds, due to the ongoing conflict,” said Father Ibrahim Faltas, deputy head of the Custody of the Holy Land.

Christians in the Gaza Strip commemorated Palm Sunday at Saint Porphyrius Greek Orthodox Church, just hours after an Israeli aerial assault on the nearby al-Ahli Arab hospital.

In a statement, the Gaza-based Hamas resistance group censured Israel for restricting West Bank Palestinians’ access to al-Quds.

The Israeli move is a part of a broader racist and fascist policy aimed at isolating Palestinians from their homeland and holy sites, it added.

Hamas also called on all churches across the world to condemn the occupation and its ongoing attacks on freedom of worship and access to holy sites.

It further urged the international community to take serious steps towards ending Israel’s genocidal war in the Gaza Strip, which is aimed at annihilating Palestinians and liquidating their cause.

Israel launched its brutal Gaza onslaught on October 7, 2023, after Hamas carried out a historic operation against the usurping entity in retaliation for its intensified atrocities against the Palestinian people.

After one and a half years of war, the Tel Aviv regime has failed to achieve its declared objectives in the besieged territory, despite killing at least 50,944 Palestinians, mostly women and children, and injuring 116,156 others.

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News Network
April 7,2025

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Rafah, a city along the border of the Gaza Strip and Egypt, has entirely been “wiped off the map” by Israel’s brutal campaign of genocide and ethnic cleansing, says the Gaza government media office.

The media office said Sunday in a statement on X that the southern city of Gaza has entirely been demolished to make way for Israel to turn it into a “closed military operations zone."

The statement said Israel’s military forces have been carrying out “horrific massacres against defenseless civilians” in Rafah, creating a “full-fledged humanitarian disaster.”

According to the officials, Israeli forces have destroyed over 90% of homes—more than 20,000 buildings in Rafah.

All of the historical buildings, archaeological sites, museums, modern homes, the civilian infrastructure, the shops, cafes, restaurants, hospitals, schools, and universities have been demolished.

The officials said the regime's forces have also demolished 22 of 24 water wells, including a large water treatment plant and facility that was built 25 years ago by the Canadian government.

“Tens of thousands of families” are now without safe drinking water, and over 85% of the sewage system has been destroyed, raising fears of disease outbreaks, said the statement.

At least 12 medical centers are out of service, including Abu Yousef al-Najjar Hospital, which was reportedly blown up by an explosive robot.

Rafah is “uninhabitable,” now, the media office said.

The Israeli military’s goal, it said, is to “empty the land of its people and alter its geographic and demographic features.”

Rafah, a city that was built over 3,300 years ago, had a population of 171,889. As recently as February, 1.4 million Palestinians took shelter there as a result of Israel’s forced displacement of the population in northern parts of the besieged enclave.

The city, which was once designated as a "safe zone" by Israel's military, has now been reduced to rubble. The regime's military has now seized the ruins of Rafah and ordered every survivor out, to expand its "security buffer zone" along Gaza's borders.

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