Petrochemicals group Saudi Basic Industries Corp (Sabic) plans to issue a SR3 ($ 0.8) dividend per share for the second half of 2011, the firm said in a bourse statement on Sunday.

"Sabic board of directors, at its meeting held Saturday evening... decided to recommend to the general assembly... the distribution of SR9 billion in dividends to shareholders for the second half of 2011 at SR3 per share," it said.

The company paid SR2 per share for the second half of 2010.

Sabic posted a record profit in the third quarter and is expected to announce fourth-quarter earnings in January.

The world's largest chemical producer by market value posted a 54-per cent rise in its third-quarter net profit, beating analyst expectations on the back of high product prices and continued strong global demand.

Sabic chief executive Mohammed Al-Mady told Reuters last week that he expected the firm to report an "excellent" 2011 and forecast further strength for the petrochemical sector next year. – Reuters