Sahara International Petrochemical Company “Sipchem” announced the decision of the Board of Directors to distribute cash dividends to shareholders for the second half of 2021, at a rate of 15% of the nominal value of the share, with a total value of 1.090 billion riyals.
Spekem added, in a statement to “Saudi Tadawul”, today, Wednesday, that the number of outstanding shares is 727.162 million shares, and the share of one share is 1.5 dirhams per share.
The company stated that the eligibility for profits is for the company’s shareholders who own shares at the end of trading on Monday, December 20, 2021 and who are registered in the company’s shareholders’ register at the Securities Depository Center (Depository Center) at the end of the second trading day following the due date.
The company will start paying dividends on December 30, 2021.
Sipchem achieved the highest quarterly profit in its history after a significant jump in profits for the third quarter of this year, by 10195%, by recording net profits after zakat and tax of 1.029 billion riyals, compared to only 10 million riyals in the same quarter of last year.
The company attributed the profit jump mainly to the increase in revenues as a result of the increase in selling prices of all the company’s products, which contributed to the increase in profit margins despite the increase in the prices of raw materials such as butane, ethanol, ethylene and propane.
In addition, the share of profits from investment in joint venture and associate companies increased, and financing costs decreased.
Sipchem’s quarterly profits increased by 24% compared to the previous quarter, in which it recorded about 830 million riyals.