Saudi Basic Industries Corporation (Sabic), the Middle East's biggest petrochemicals firm, has approved a dividend of 6.75 billion Saudi riyals ($1.8bn) for the second half of 2021, on the back of a strong performance last year.
The second-half cash dividend of 2.25 riyals a share represents 22.5 per cent of the nominal share value and will be distributed to eligible shareholders on April 25, the company said in a statement on Monday to the Tadawul Stock Exchange, where its shares are traded.
Sabic will pay a dividend of 12bn riyals for 2021, having previously approved a 5.25bn riyals cash dividend for the first half of 2021 at 1.75 riyals per share, despite economic headwinds sparked by the Covid-19 pandemic.
The company faced two global challenges in 2021 — the pandemic and the threat of climate change, Sabic chairman Khalid Al-Dabbagh said.
“To this very day, the coronavirus’ lingering persistence is causing market volatility and supply-chain disruption. Nevertheless, I am heartened by how we persevered with our business to achieve an admirable performance in 2021," he said.
“As for our response to climate change, the expectations of our customers, lenders and other stakeholders are now sky high … we are incorporated in a country whose wise leaders have a vision of how the goals of the Paris Agreement can best be met in a way that respects the principles of sustainable economic growth."
Sabic has committed to make all operations under its control carbon neutral by 2050.
The company is majority owned by the world’s largest oil exporting company Saudi Aramco, which acquired a 70 per cent stake in Sabic in 2020 for $69bn.
Sabic has benefited from an overall rise in demand for chemicals and feedstocks as economic activity ramps up amid a relaxation of movement curbs and a fall in Covid-19 infections globally.
It reported a surge in annual net income to 23bn riyals in 2021 from 70 million riyals in the previous year, due to higher average selling prices and an increase in the share of results of its joint ventures and associates.
Its performance last year was “extremely robust”, Sabic’s vice chairman and chief executive Yousef Al-Benyan said on Monday.
“We also followed through on our transformational strategy, achieving a great value realisation with Saudi Aramco … we continued to focus on strong capital discipline, which helped to support higher dividends and position Sabic well for future growth opportunities,” Mr Al-Benyan said.
Sabic expects higher incremental sales volumes in 2022 due to transfer of the sales and marketing rights of chemicals and polymers products from Saudi Aramco, starting up new assets and continuous improvement in reliability of its assets, it said in February.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
More from Neighbourhood Watch:
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
It's up to you to go green
Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.
“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”
When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.
He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.
“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.
One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.
The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.
Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.
But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? “You have to change,” says Mr El Accad. “I can only make it available.”
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
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Uefa Nations League: How it Works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
