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 24,2020

Apr 24: Dubai's Supreme Committee of Crisis and Disaster Management has announced partial easing of restrictions on public movement in the emirate starting from Friday amid the COVID-19 outbreak.

The announcement is in line with the decisions of the Ministry of Health and Prevention and the National Emergency Crisis and Disaster Management Authority (NCEMA), a statement released late on Thursday said.

The move, which coincides with the start of the fasting month of Ramzan, will allow increased freedom of movement while ensuring the continuation of strict precautionary and preventive measures, the statement said.

The Committee has also outlined a new set of guidelines on movement and a list of exempted commercial activities and vital sectors, it added.

The decision to reduce restrictions on movement in Dubai follows a careful assessment of the current situation and analysis of reports from various authorities working to combat the pandemic, the committee said.

Underlining the emirate’s success in countering the spread of the virus, it said that stringent measures undertaken over the last three weeks have significantly helped to mitigate the crisis.

It further stressed that despite the partial easing of restrictions on movement, people will not be allowed to hold public or private gatherings and those who breach the guidelines will face legal action.

The need to ensure the safety and wellbeing of the community cannot be underestimated, the Committee stressed.

"Despite the difficult circumstances the world is facing today, the UAE has set an example for dealing with the crisis. This was also made possible through the commitment of all individuals and institutions both in the private and public sector,” the committee said in the statement.

“All measures undertaken by the country have been driven by the objective of safeguarding everyone’s safety and wellbeing,” it added.

Public transport (bus and metro), restaurants and cafes (except for buffet and shisha), retail sector (malls, high-street outlets and souqs), wholesale sector and maintenance shops will be allowed to operate under certain conditions, it said.

Shopping malls, markets and commercial outlets will be open daily from 12 pm to 10 pm. Restaurants and shops are allowed to operate at a maximum of 30 per cent capacity at shopping malls, it said.

Malls and retail outlets are not allowed to hold entertainment events to avoid congestion and crowding, it added.

Restaurants and cafés too have been allowed to operate but are not permitted to serve shisha and buffet. Dine-in customers are allowed but should occupy only a maximum of 30 per cent of the outlet’s capacity and only single-use cutlery can be used at restaurants and cafes, it said.

However, family entertainment facilities, cinemas, changing rooms and prayer rooms will not be allowed to operate. Hotels will be allowed to operate without opening pools, gyms, sauna and massage parlours.

A maximum of 30 per cent of the workforce of all organisations will be allowed to work from their offices while the rest will be required to work from home.

As part of the first phase of easing of restrictions, the stringent curbs on public movement will now be limited to the period between 10 pm to 6 am. During this period, the public will be allowed to leave their homes only for medical emergencies.

Individuals will be able to leave their homes between 6 am and 10 pm without a permit.

The public will be required to strictly follow precautionary measures which include maintaining physical distance from others as per guidelines and wearing a face mask. Those who do not wear a mask will be subject to a fine of AED 1,000.

Members of the public have also been allowed to exercise outside their homes provided they do not leave their area of residence. They can undertake activities such as walking, running or cycling for 1-2 hours each time. Only a maximum of three people can exercise at the same time.

Permission has also been granted to allow visit first and second degree relatives as long as gatherings are restricted to not more than five people. However, visiting high-risk individuals (individuals above 60 years and those with underlying medical conditions) should be avoided.

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News Network
May 20,2020

Cairo, May 20: A senior Kuwaiti lawmaker has called for imposing a tax on expatriates’ remittances to shore up the country’s finances.

MP Khalil Al Saleh, the head of the parliament’s Human Resources Committee, has presented a draft law on the proposed tax to the legislature.

“Imposing fees on expatriates’ transfers will have a role in improving the state's revenues and diversify sources of income,” he told Al Rai newspaper.

Migrant workers transfer about 4.2 billion dinars annually from Kuwait, he added, citing figures from Kuwait’s Central Bank.

“This system is in effect in most countries of the world and in more than one Gulf country. Expats there have not objected to it. Allowing this money to exit the country is very dangerous and has a direct effect on economy,” MP Al Saleh said.

“We do not target brotherly expats because imposing symbolic fees on financial transfers will not affect their money, but will have a positive effect on the state’s sources,” he said. “This has become a necessity after the money transferred outside Kuwait has reached 4.2 billion dinars annually without the state [Kuwait] making any benefit from this.”

Foreign workers make up 3.3 million of Kuwait’s 4.6 million population.

Several Kuwaiti public figures have recently pushed for redrawing the demographic imbalance in the country, accusing expatriates of straining health facilities and increasing the Covid-19 threat.

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News Network
April 24,2020

Dubai, Apr 24: The UAE reported 525 new COVID-19 cases on Friday. The Ministry of Health and Prevention said the total number of confirmed cases in the UAE is now 9,281.

MOHAP reported 8 deaths taking the total number of deaths in the country to 64. 123 recoveries have also been announced.

According to the Ministry of Health and Prevention, the latest cases were detected through its intensified investigation and examination procedures.

The ministry conducted over 32,000 additional COVID-19 tests among citizens and residents.

The ministry offered its sincere condolences to the families of the deceased. It also wished a speedy recovery to all patients and called upon the general public to strictly adhere to preventative measures out of concern for the health and safety of all.

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