Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, said: “We are delighted to announce the shareholders’ approval of the interim dividend amounting to $650 million, reiterating our commitment to paying $1.3 billion in dividends for 2023 while continuing to deliver exceptional returns to our shareholders through our innovative and differentiated solutions. We maintain strong cash conversion and a robust balance sheet position which enables us to deliver significant through-the-cycle dividends to our shareholders even in an overall challenging market environment.”
The dividend payment, despite the prevailing market challenges, aligns with Borouge’s strategic objective of delivering exceptional shareholder returns. Borouge continues to future-proof the company by unlocking new opportunities, optimising efficiency, driving growth, and delivering competitive dividends.
In the first half of 2023, Borouge announced revenues of $2.8 billion (AED10.3 billion) and adjusted EBITDA of $978 million (AED3.6 billion). Tracking ahead of its full-year target of $400 million (AED1.5 billion), the Company’s ambitious Value Enhancement Programme delivered a material impact of $253 million (AED929 million) through enhanced efficiencies and optimised revenue, significantly and positively contributing to mitigating external market pressures.
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General Assembly approval
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Last entitlement date (last day to purchase)
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30 days from General Assembly
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About Borouge Plc
Borouge Plc, listed on the Abu Dhabi Securities Exchange (ADX symbol “BOROUGE” / ISIN “AEE01072B225”), is a leading petrochemical company that provides innovative and differentiated polyolefin solutions for the energy, infrastructure, mobility, advanced packaging, healthcare and agriculture industries. ADNOC owns a majority 54% stake, and Borealis holds a 36% stake in Borouge. To find out more, visit www.borouge.com.
For further information, please contact:
Rehab Ateeq
VP, Global Communications
Media@borouge.com
Samar Khan
VP, Investor Relations
IR@borouge.com
