Abu Dhabi – Mubasher: Borouge posted a 35% year-on-year (YoY) increase in net profit to $581 million in the firsts half (H1) of 2024.
The company’s revenue was unchanged at $2.81 billion in H1-24 compared to the same period of last year, according to a press release.
Second Quarter
The net profits of Borouge soared 33% YoY to $308 million during the second quarter (Q2) of 2024.
The company’s revenue increased by 6% to $1.50 billion in Q2-24, and the sales volume jumped by 16% YoY in the same period.
Hazeem Sultan Al Suwaidi, CEO of Borouge, commented: “Our priority is to drive accelerated growth through capacity expansion, optimal productivity and a focus on high-value customer segments.”
“We will deliver a transformational increase in production volumes through the Borouge 4 complex, our second ethylene unit EU2, and as part of a consortium that is drawing plans for a new speciality polyolefins plant in China,” Al Suwaidi stated.
Cash Dividends
Borouge's annual general meeting on 28 March 28 reaffirmed its intention to maintain a $1.30 billion dividend for 2024, or 15.88 fils per share.
Shareholders are scheduled to meet at a general meeting in Q3-24 to approve distribution of a 7.94 fils per share interim dividend.
It is worth highlighting that the Borouge’s net profit recorded $272.70 million in Q1-24, a 37% YoY increase from $199.28 million.
