Abu Dhabi – Mubasher: The net profits of Borouge jumped to $908 million in the first nine months (9M) of 2024 from $713 million in 9M-23, according to the financial results.
The revenues amounted to $4.40 billion as of 30 September 2024, up year-on-year (YoY) from $4.29 billion.
Basic and diluted earnings per share (EPS) went up to AED 0.03 in 9M-24 from AED 0.02 a year earlier.
Financials for Q3-24
In the third quarter (Q3) of 2024, the ADX-listed company logged net profits amounting to $328 million, an annual surge of 16% from $282 million.
The revenue hiked to $1.60 billion in Q3-24 from $1.49 billion in Q3-23, while the EPS maintained its value at $0.01.
Hazeem Sultan Al Suwaidi, CEO of Borouge, stated: “Looking ahead, we are accelerating our growth trajectory through transformational production capacity increases. The Borouge 4 strategic initiative is advancing at pace and is now 80% complete.”
“In parallel, Borouge is investing in a comprehensive digital and AI programme that will create substantial shareholder value through enhanced productivity and innovation,” Al Suwaidi continued.
Robust Dividend Payout
The year-to-date (YTD) adjusted operating free cash flow of $1.74 billion, representing a 20% YoY increase, supported by a high cash conversion of 95% in the period.
In September, Borouge distributed its half-year 2024 interim cash dividend of $650 million following shareholder approval at the company’s general assembly meeting on August 30.
The company’s management reaffirms its commitment to pay the final 2024 dividend of $650 million in March 2025, taking the total full-year 2024 dividend to $1.30 billion.
In the first half (H1) of 2024, the net profits hiked by 35% YoY to $581 million.
