Borouge PLC

Borouge PLC has released its Directors' Report, Review Report, and Interim Condensed Consolidated Financial Statements as of September 30, 2024.

Borouge Plc announced a 16% year-on-year increase in net profit for the third quarter of 2024, reaching $328 million, exceeding analyst expectations. This growth was attributed to record production levels and the highest-ever quarterly sales, with sales volumes increasing by 2% year-on-year. The company achieved a 40% EBITDA margin and saw a 7% rise in revenue, resulting in a 9% increase in adjusted EBITDA to $646 million. Borouge is nearing completion of its Borouge 4 growth project, which is 80% complete and expected to boost annual production capacity by 28%. The company reaffirmed its commitment to pay a $1.3 billion dividend for the fiscal year 2024, offering a 6.3% dividend yield. Despite global market volatility, Borouge maintained strong pricing for its products, with polyethylene and polypropylene prices significantly above benchmarks. CEO Hazeem Sultan Al Suwaidi highlighted the company's continued financial and operational success, driven by technology, innovation, and operational excellence.

On October 28, 2024, the Board of Directors of Borouge PLC held a meeting via video conference. During the meeting, they approved the company's financial statements for the third quarter of the 2024 financial year and agreed to enter into a $500 million revolving credit facility. The Board also reviewed recent developments related to the company's activities and projects. The notification was sent by Hazeem Sultan Al Suwaidi, the Chief Executive Officer, and a copy was forwarded to the Securities and Commodities Authority.

The Abu Dhabi Securities Exchange has been informed that the Board of Directors of Borouge PLC will hold a meeting via video conference at 3 p.m. on Monday, 28 October 2024. The agenda includes discussing and approving the company's financial statements for the third quarter of the financial year 2024, as well as addressing other general matters related to the company's activities and projects. The notification was issued by Hazeem Sultan Al Suwaidi, the Chief Executive Officer, with a copy sent to the Securities and Commodities Authority.

On 30 August 2024, Borouge PLC held a virtual General Assembly Meeting chaired by Board Member Mr. Khaled Al Zaabi. The meeting, which started at 3:00pm and ended at 3:30pm, had a quorum of 91.27% of the total attendance. During the meeting, an ordinary resolution was approved to distribute a cash interim dividend of USD 650,000,000 (approximately AED 2,387,125,000 or 7.9 fils per share) for the first half of the 2024 financial year.

Borouge Plc announced that its shareholders have approved a $650 million interim cash dividend for the first half of 2024, equivalent to 7.94 fils per share and representing an annualized dividend yield of 6.3%. The company also reaffirmed its plan to pay a total dividend of $1.3 billion for the full year 2024. This decision follows exceptional earnings growth in the first half of the year, driven by strategic initiatives both in the UAE and internationally. Key projects include Borouge 4 and a feasibility study for a specialty polyolefins complex in China. CEO Hazeem Sultan Al Suwaidi highlighted the company's strong operational performance, efficiency, and growth initiatives, which are expected to enhance production capacity and financial value.

Borouge PLC has appointed QMM, a licensed financial institution and market maker, as a liquidity provider for its shares listed on the Abu Dhabi Securities Exchange (ADX). Under a one-year agreement, QMM will independently trade the company's shares and provide liquidity by offering simultaneous buy and sell orders. This move aims to enhance liquidity and trading efficiency for the company's shareholders, in accordance with ADX and Securities and Commodities Authority regulations. The announcement was made by Hazeem Sultan Al Suwaidi, the Chief Executive Officer of Borouge PLC, with a copy sent to the Securities and Commodities Authority (SCA).