RIYADH: Chemical giant Saudi Basic Industries Corp. saw its share price drop in today’s trading session, after shareholders approved record dividends for 2021.

Shares fell by 2.4 percent to SR132 ($35), down from SR136 at the previous close.

With the latest decline, SABIC now holds a market valuation of SR397 billion.

This followed the disclosure of shareholders’ general meeting voting results, where they approved a half-year dividend payout of SR12 billion, as well as the reappointment of the company’s board.

Earlier in the year, Riyadh-based SABIC posted a massive increase in annual profit of 32,800 percent, to SR23 billion. This was coupled with over a 49 percent jump in revenues to SR175 billion in the same period.

Yousef Al-Benyan, SABIC’s CEO, described the company’s 2021 performance as “extremely robust,” according to a statement.

“SABIC achieved an EBITDA of 48.3 billion Saudi riyals in 2021, which was 139 percent higher than the previous year, and the fourth-highest in SABIC’s history,” he added.

“We have positioned ourselves to become the preferred world leader in chemicals. But there is no room for complacency. We will extend our synergies with Saudi Aramco, and further evolve our business model to continue to create value.”