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
January 12,2020

Tehran, Jan 12: Iranian police dispersed students chanting “radical” slogans during a Saturday gathering in Tehran to honour the 176 people killed when an Ukrainian airliner was mistakenly shot down, Fars news agency reported.

News agency correspondents said hundreds of students gathered early in the evening at Amir Kabir University, in downtown Tehran, to pay respects to those killed in the air disaster. The tribute later turned into an angry demonstration.

The students chanted slogans denouncing "liars" and demanded the resignation and prosecution of those responsible for downing the plane and allegedly covering up the accidental action.

Iran said Saturday that the Ukraine International Airlines Boeing 737 was “unintentionally” shot down on Wednesday shortly after taking off from Tehran's main airport. All 176 people on board died, mostly Iranians and Canadians, many of whom were students.

Fars, which is close to conservatives, said the protesting students chanted “destructive” and “radical” slogans. The news agency said some of the students tore down posters of Qasem Soleimani, the Iranian general killed on January 3 in a US drone strike on Baghdad.

Fars published pictures of demonstrators gathered around a ring of candles during the tribute and a picture of a torn poster bearing the image of a smiling Soleimani. It said that police "dispersed" them as they left the university and blocked streets, causing a traffic jam.

In an extremely unusual move, state television mentioned the protest, reporting that the students shouted "anti-regime" slogans.

A video purportedly of the protest circulated online showing police firing tear gas at protesters and a man getting up after apparently being hit in the leg by a projectile. It was not possible to verify the location of the video, or when it was filmed.

Iran's acknowledgement on Saturday that the plane had been shot down in error came after officials had for days categorically denied Western claims that it had been struck by a missile. The aerospace commander of Iran's Revolutionary Guards accepted full responsibility.

But Brigadier General Amirali Hajizadeh said the missile operator acted independently, shooting down the Boeing 737 after mistaking it for a "cruise missile".

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News Network
May 22,2020

Rajan Kurian with wife Berly Rajan Kurian, son Brian, daughter Bella and mother Valsa

Dubai, May 22: A 43-year-old Indian businessman won USD one million (approximately Rs 7.59 crore) in the Dubai Duty Free draw.

Rajan Kurian, who owns a construction business in Kerala, had bought the ticket online.

Mr Kurian said he was grateful for the win, considering the gloomy circumstances prevailing in the world due to the coronavirus pandemic.

"I will set aside a good part of my win to help the needy. I feel grateful with the win but I need to share it with people who need it," he said. 

Mr Kurian said some of the money will go into growing his business.

"The last few months have been tough with the COVID-19 situation. My business has come to a standstill. This money will be put to good use," he said.

An Indian expat also won a BMW motorbike in the lucky draw held on Wednesday.

A longtime resident of Dubai for 30 years now, 57-year-old Syed Hydrose Abdulla, who works as a public relations officer in a beverages company, had also bought the ticket online.

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Debasisdhara
 - 
Saturday, 18 Jul 2020

Lucky prize money send me please

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Agencies
April 27,2020

Riyadh, Apr 27: A Saudi Arabia-led coalition said on Monday that all parties need to return to the status that existed before the Southern Transitional Council (STC) in Yemen declared an emergency in Aden, according to a statement published by Spa.

The Coalition to Restore Legitimacy in Yemen, led by Saudi Arabia and the UAE, stresses the need to restore conditions to their previous state following the announcement of a state of emergency by the Southern Transitional Council and the consequential development of affairs in the interim capital (Aden) and some Southern governorates in the Republic of Yemen.

The Coalition urges for an immediate end to any steps contrary to the Riyadh Agreement, and work rapidly toward its implementation, citing the wide support for the agreement by the international community and the United Nations.

The Coalition has and will continue to undertake practical and systematic steps to implement the Riyadh Agreement between the parties to unite Yemeni ranks, restore state institutions and combat the scourge of terrorism. The responsibility rests with the signatories to the Agreement to undertake national steps toward implementing its provisions, which were signed and agreed upon with a time matrix for implementation. The Coalition demands an end to any escalation and calls for return to the Agreement by the participating parties, stressing the immediate need for implementation without delay, and the need to prioritise the Yemeni peoples' interests above all else, as well as working to achieve the stated goals of restoring the state, ending the coup and combatting terrorist organizations.

The Coalition reaffirms its ongoing support to the legitimate Yemeni government, and its support for implementing the Riyadh Agreement, which entails forming a competent government that operate from the interim capital Aden to tackle economic and developmental challenges, in light of natural disasters such as floods, fears of the coronavirus (Covid-19) pandemic outbreak, and work to provide services to the brotherly people of Yemen.

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