Riyadh – Mubasher: The board of National Petrochemical Company (Petrochem) has recommended the distribution of cash dividends to shareholders at SAR 240 million for last year.

Dividends will be distributed at SAR 0.5 per share, representing 5% of the share’s par value, according to a statement to the Saudi Stock Exchange (Tadawul).

Petrochem reported a 42.2% decline in annual net profit to SAR 674 million for last year, compared with around SAR 1.17 billion in 2018.

The decrease in annual profits was attributed to lower selling prices and a decline other income, despite a decrease in sales and distribution expenses, general and administrative expenses, as well as financing costs and zakat expenses.