SABIC’s Q1-2019 earnings decline 38%

Net profit for the period is $910mn

Headquartered in Riyadh, Saudi Arabia, SABIC has global operations in over 50 countries with 34,000 employees.
Headquartered in Riyadh, Saudi Arabia, SABIC has global operations in over 50 countries with 34,000 employees.

SABIC reported a 38% decline in its Q1-2019 net profit. The company announced reported a net profit of $910mn in the same period.

On April 9, SABIC had announced the results of its ordinary general assembly meeting held at its headquarters, approving the reports of the board of directors and the auditors, in addition to the final accounts for the fiscal year ended 31 December 2018. Based on the board recommendation, the meeting approved the distribution of $1.76bn cash dividends for the second half of 2018, at $0.57 per share, representing 22% of the nominal share value. The board of directors previously approved the distribution of $1.76bn cash dividends for the first half of 2018, at $0.57 per share, representing 22% of the nominal share value. The total proposed dividend for 2018 is $3.52bn, at $1.17 per share, representing 44% of the nominal value per share. The second half earnings of the shareholders will be paid on 30 April.

On 27 March, Saudi Aramco signed a share purchase agreement to acquire a 70% majority stake in SABIC from the Public Investment Fund of Saudi Arabia, in a private transaction for $69.1bn. The remaining 30% publicly traded shares in SABIC are not part of the transaction, and Saudi Aramco has no plans to acquire these remaining shares. The transaction is subject to certain closing conditions, including regulatory approvals.

In 2018, SABIC’s consolidated production volume across its various business units was 75 million metric tonnes, and recorded net income of $5.7bn, annual sales of $45bn, and total assets of $85bn.

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