Sipchem reported a 55.4 per cent year-on-year drop in third-quarter net profit to SR71.6 million ($19.1 million)
Sipchem repeats no decision yet on H2 dividend
DUBAI, November 5, 2015
Saudi International Petrochemical Co (Sipchem) said on Thursday that no decision had been made yet on whether it would pay a dividend for the second half of this year.
"The second half of the year was tough on the sector and on Sipchem and we don't know whether there will be dividend payments for the second half of the year," chief executive Ahmed al-Ohali said in a statement to the Saudi bourse.
"This will be discussed by the board at the end of the year and certainly the board will look into the possibility of paying dividends in light of the earnings in the second half and capex."
In an earnings conference call attended by Reuters late on Wednesday, Ohali said the company might not pay a dividend for the second half of 2015 despite seeing results from a restructuring intended to cope with low oil prices.
Sipchem earlier reported a 55.4 percent year-on-year drop in third-quarter net profit to SR71.6 million ($19.1 million). --Reuters
