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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 19,2020

Dubai, May 19: In a heart-warming decision to reunite families that have been split by anti-Covid travel restrictions, the UAE has announced that residents with valid visas stranded outside the country can return from June 1.

The Ministry of Foreign Affairs and International Cooperation and the Federal Authority for Identity and Citizenship said they will begin the process on Monday, June 1, by allowing the return of those residency holders currently stranded outside the country who have relatives in the UAE. Residents who meet this criteria must apply for a Resident Entry Permit on smartservices.ica.gov.ae.

The ministry and the authority said the decision was taken to reunite families that have been affected by the anti-coronavirus measures taken due to the exceptional circumstances.

"The UAE is keen to facilitate the procedures for holders of UAE residency visas who are stuck outside the country and reunite them with their families who were affected by the precautionary measures taken by the country in light of the current exceptional circumstances to combat Covid-19," the federal authorities were quoted by state news agency Wam.

Hundreds of UAE residents are currently stuck abroad and are separated from their families due to the unexpected freeze on air travel imposed by many countries as precautionary measures to curb the spread of coronavirus.

The #BringBackUAEresidents hashtag was trending on Twitter on Monday as several residents and families requested the government to expedite their return to the UAE.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 5,2020

Beirut, Apr 5: The novel coronavirus has put global trade on hold, placed half of the world population in confinement and has the potential to topple governments and reshape diplomatic relations.

The United Nations has appealed for ceasefires in all the major conflicts rocking the planet, with its chief Antonio Guterres on Friday warning "the worst is yet to come". But it remains unclear what the pandemic's impact will be on the multiple wars roiling the Middle East.

Here is an overview of the impact so far on the conflicts in Syria, Yemen, Libya and Iraq:

The COVID-19 outbreak turned into a pandemic just as a ceasefire reached by the two main foreign power brokers in Syria's nine-year-old war -- Russia and Turkey -- was taking effect.

The three million people living in the ceasefire zone, in the country's northwestern region of Idlib, had little hope the deal would hold.

Yet fears the coronavirus could spread like wildfire across the devastated country appear to have given the truce an extended lease of life.

According to the Syrian Observatory for Human Rights, the month of March saw the lowest civilian death toll since the conflict started in 2011, with 103 deaths.

The ability of the multiple administrations in Syria -- the Damascus government, the autonomous Kurdish administration in the northeast and the jihadist-led alliance that runs Idlib -- to manage the coronavirus threat is key to their credibility.

"This epidemic is a way for Damascus to show that the Syrian state is efficient and all territories should be returned under its governance," analyst Fabrice Balanche said.

However the pandemic and the global mobilisation it requires could precipitate the departure of US-led troops from Syria and neighbouring Iraq.

This in turn could create a vacuum in which the Islamic State jihadist group, still reeling from the demise of its "caliphate" a year ago, could seek to step up its attacks.

The Yemeni government and the Huthi rebels initially responded positively to the UN appeal for a ceasefire, as did neighbouring Saudi Arabia, which leads a military coalition in support of the government.

That rare glimmer of hope in the five-year-old conflict was short-lived however and last week Saudi air defences intercepted ballistic missiles over Riyadh and a border city fired by the Iran-backed rebels.

The Saudi-led coalition retaliated by striking Huthi targets in the rebel-held capital Sanaa on Monday.

Talks have repeatedly faltered but the UN envoy Martin Griffiths is holding daily consultations in a bid to clinch a nationwide ceasefire.

More flare-ups in Yemen could compound a humanitarian crisis often described as the worst in the world and invite a coronavirus outbreak of catastrophic proportions.

In a country where the health infrastructure has collapsed, where water is a rare commodity and where 24 million people require humanitarian assistance, the population fears being wiped out if a ceasefire doesn't allow for adequate aid.

"People will end up dying on the streets, bodies will be rotting in the open," said Mohammed Omar, a taxi driver in the Red Sea port city of Hodeida.

Much like Yemen, the main protagonists in the Libyan conflict initially welcomed the UN ceasefire call but swiftly resumed hostilities.

Fierce fighting has rocked the south of the capital Tripoli in recent days, suggesting the risk of a major coronavirus outbreak is not enough to make guns fall silent.

Turkey has recently played a key role in the conflict, throwing its weight behind the UN-recognised Government of National Accord.

Fabrice Balanche predicted that accelerated Western disengagement from Middle East conflicts could limit Turkish support to the GNA.

That could eventually favour forces loyal to eastern-based strongman Khalifa Haftar, who launched an assault on Tripoli one year ago and has the backing of Russia, Egypt and the United Arab Emirates.

Western countries have been hit hardest by the pandemic, which could prompt them to divert both military resources and peace-brokering capacity from foreign conflicts.

A report by the International Crisis Group said European officials had reported that efforts to secure a ceasefire in Libya were no longer receiving high-level attention due to the pandemic.

Iraq is no longer gripped by fully-fledged conflict but it remains vulnerable to an IS resurgence in some regions and its two main foreign backers are at each other's throats.

Iran and the United States are two of the countries most affected by the coronavirus but there has been no sign of any let-up in their battle for influence that has largely played out on Iraqi soil.

With most non-US troops in the coalition now gone and some bases evacuated, American personnel are now regrouped in a handful of locations in Iraq.

Washington has deployed Patriot air defence missiles, prompting fears of a fresh escalation with Tehran, whose proxies it blames for a spate of rocket attacks on bases housing US troops.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
August 3,2020

Sharjah, Aug 3: A 24-year-old Indian engineer has fallen to death from the sixth floor of a residential building on Eid al-Adha in the UAE's Sharjah, a media report said on Monday. 

The electrical engineer, identified with his single name Sumesh, hailed from the south Indian state of Kerala.

He lived in a building in Al Dhaid in Sharjah, from where he fell to death on Friday, the report said, adding that he was apparently talking over the phone and threw it down minutes before the incident.

Sumesh, who came to the UAE a year ago, worked as a designer in Sharjah's Muwaileh area. His roommates said that he had some "personal issues" that had been "bothering him for some time", according to the report.

"It was Eid al-Adha and our cook had made biryani for us. We were all cracking jokes and having a good time. In fact, even Cuckoo (Sumesh) was also laughing with us. He seemed happy. Nobody had anticipated this. I did sense a few times that something was troubling him and I even asked him about it, but he brushed it off," the report quoted his roommate Dileep Kumar as saying.

Shans KF, another roommate, said Sumesh was to travel to India for his annual leave but could not because of the COVID-19 pandemic.

The police have launched an investigation and moved the body to the forensic lab for an autopsy.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.