Press releases, Reports & Disclosures for Borouge PLC

On July 1, 2024, the Abu Dhabi Securities Exchange's Market Operations & Surveillance section received a notification regarding the resignation of Mr. Thomas Gangl as a director and vice chairman of Borouge PLC. The Board of Directors expressed gratitude for Mr. Gangl's valuable contributions and expertise, wishing him success in his future endeavors. The company will inform the market about the identification and appointment of a suitable replacement for Mr. Gangl in accordance with its articles of association. This notice was signed by Hazeem Sultan Al Suwaidi, the Chief Executive Officer, and a copy was sent to the Securities and Commodities Authority (SCA).

Borouge, a leading petrochemicals company, has reported a 37% YoY increase in its Q1 2024 net profit, amounting to $273 million. This significantly outperformed market expectations, driven by higher pricing premia, a strategic focus on high-value product segments, and increased operational efficiency. The company's EBITDA margin stands at 44%, an industry-leading figure. Borouge's growth project, Borouge 4, is over 60% complete and is expected to increase annual production capacity by 28%. The company has reiterated its commitment to a $1.3 billion dividend in 2024, representing a current yield of 6.5%.

The text appears to be the first quarter management discussion and analysis report for the year 2024 from Borouge PLC, published on April 30th, 2024. The report likely contains information about the company's financial performance, business strategies, and market conditions.

On 29th April 2024, the Board of Directors of Borouge PLC held a meeting via video conference. During the meeting, the Board approved the company's financial statements for the first quarter of the current financial year 2024. The Board also discussed recent developments relating to the company's activities and projects. The information was disclosed to the Market Operations & Surveillance of Abu Dhabi Securities Exchange and a copy was sent to the Securities and Commodities Authority.

The CEO of Borouge PLC, Hazeem Sultan Al Suwaidi, has announced a Board of Directors meeting to be held via video conference on 29 April 2024. The main agenda items include the review and approval of the company's financial statements for Q1 2024 and discussion of general matters relating to the company's activities and projects. The notice is addressed to the Disclosures and Compliance Section of the Abu Dhabi Securities Exchange and copied to the Securities and Commodities Authority.

The Abu Dhabi Securities Exchange has announced a change in the registry closing date for distributing cash dividends for the second half of the financial year 2023 of Borouge PLC. The original date coincided with the third day of Eid Al Fitr, a public holiday, so the new registry closing date has been set for 15 April 2024. A copy of this announcement has been sent to the Securities and Commodities Authority.

Borouge shareholders have approved a $1.3 billion dividend for 2023, with a plan to pay the same amount in 2024. This decision is supported by the company's strong cash generation and a healthy balance sheet. The company's major project, Borouge 4, which is set to increase production capacity by 1.4 million tonnes per year and generate $1.5 - $1.9 billion in revenue, is 60% complete. The company is also looking to expand globally, with a significant opportunity in the Asia Pacific region. Furthermore, Borouge is planning to expand its second ethylene unit to increase its olefins and polyolefins production by 230,000 tonnes by 2028. The company is also implementing various AI and advanced technology projects, aiming to generate an additional $280 million.