Sabic to issue bonus share following record '04 results

21 March 2005 19:11  [Source: ICIS news]

LONDON (CNI)--Saudi Basic Industries Corp (Sabic) announced on Monday plans to distribute one bonus share for every three held and pay a cash dividend of Riyal 15 ($4/Euro3)/share.

Sabic, which last year boosted net profits by 113% to a record Riyal 14.25bn ($3.8bn/Euro2.9bn) on sales up 46% to Riyal 68.74bn, also endorsed a recommendation to issue securities to diversify the company's financing resources.

Vice chairman and chief executive Mohammed Al-Mady forecast that Sabic would "continue to generate excellent results during 2005" in the light of growing demand and continued production and sales growth.

He confirmed Sabic's medium term goal of annual petrochemicals production of 60m tonne by 2008.

By: Neil Sinclair
+44 20 8652 3214

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