Dubai
Shares in Saudi Basic Industries dropped 3.61 per cent to 91.75 Saudi Riyals (Dh90) after the Company’s board proposed paying cash dividend of 2 riyals per share for second half of 2016, below year-earlier 3 riyals, according to Thomson Reuters data.
Stock is up 22 per cent year-to-date because of rebounding oil prices, which promise to improve profit margins.
SABIC may be cutting dividend to help fund its major industrial projects under Riyadh’s economic diversification drive.
