Riyadh – Mubasher: The board of Sahara International Petrochemical Company (Sipchem) approved cash dividends amounting to SAR 906.40 million for the first half (H1) of 2023.
Sipchem will grant SAR 1.25 per share for 725.12 million eligible shares, according to a bourse disclosure.
Eligibility and distribution dates for the dividends will be 6 and 19 July 2023, respectively.
The board members greenlighted the H1-23 dividends, which represent 12.50% of the company’s capital, during their meeting that was held on 21 June.
In the first quarter (Q1) of 2023, Sipchem logged 56.41% lower net profits after Zakat and tax at SAR 470.30 million, compared to SAR 1.07 billion in Q1-22.
Revenues declined by 11.11% to SAR 2.08 billion in Q1-23 from SAR 2.34 billion in Q1-22, while the earnings per share (EPS) plummeted to SAR 0.65 from SAR 1.48.
