Abu Dhabi – Mubasher: Borouge unveiled the approval of its shareholders to disburse cash dividends of $650 million for 2023, according to a press release.
The company will distribute a dividend of 7.94 fils per share as agreed at the annual general meeting (AGM).
This is in addition to a total dividend of $1.30 billion, equivalent to 15.88 fils, for 2024, which aligns with Borouge’s commitment to boost shareholder value amid challenging market conditions.
Sultan Al Jaber, Chairman of Borouge, said: “In 2023, Borouge significantly outperformed its industry peers, demonstrating remarkable operational and financial resilience and reinforcing its position as one of the world’s most profitable and innovative polyolefin producers.”
“Locally, Borouge 4, a major strategic growth project, is expected to add approximately $1.50 - $1.90 billion to revenue annually after recontribution and full production ramp-up of the plant,” Al Jaber highlighted.
He added: “Borouge 4 will boost the company’s production capacity by 28%, making Borouge’s Al Ruwais production site the world’s largest integrated single-site polyolefin complex.
“Our second ethylene unit (EU2) is advancing plans to increase our total production of olefins and polyolefins by 230,000 tonne after project completion in 2028, and is expected to contribute approximately $ 220 to 250 million to Borouge’s revenue per year,” he indicated.
The Chairman noted: “Internationally, the company is pursuing accelerated global growth opportunities, including an opportunity in the Asia Pacific region that has reached feasibility stage.”
Hazeem Sultan Al Suwaidi, CEO of Borouge, commented: “The significant $1.30 billion dividend from our 2023 earnings reflects the success of our business strategy and our operational resilience in a challenging market environment.”
Borouge delivered a significant $1 billion in net profit in 2023 and its $607 million Value Enhance Programme contributed a significant 28% to EBITDA.
