Press releases, Reports & Disclosures for Borouge PLC

The Abu Dhabi Securities Exchange (ADX) has announced that the General Assembly meeting of Borouge PLC will be held on Friday, August 30, 2024, at 3:00 PM using remote attendance technology. This follows a previous disclosure made on July 30, 2024. The invitation to the General Assembly has been published in both Arabic and English daily newspapers, along with an explanatory disclosure about the approval of proxies for attending the meeting. The announcement was made by Hazeem Sultan Al Suwaidi, the Chief Executive Officer, and a copy has been sent to the Securities and Commodities Authority (SCA).

The Abu Dhabi Securities Exchange has announced that the General Assembly meeting of Borouge PLC will be held on Friday, August 30, 2024, at 3:00 PM using remote attendance technology. This follows a previous disclosure made on July 30, 2024. An invitation to the General Assembly, published in both Arabic and English newspapers, along with explanatory details regarding proxy approvals for attendance, is attached. This information has also been copied to the Securities and Commodities Authority.

Borouge PLC has released its Management Discussion & Analysis for the second quarter and first half of 2024, dated July 31, 2024.

Borouge PLC has released its Directors' Report, Review Report, and Interim Condensed Consolidated Financial Statements for the period ending on 30 June 2024.

On 30 July 2024, Borouge PLC's Board of Directors held a meeting via video conference. The Board approved the company's financial results for Q2 2024 and proposed an interim cash dividend distribution of USD 650 million (approximately AED 2.387 billion, or 7.9 fils per share) for the first half of 2024. The proposal will be considered by the General Assembly on 29 August 2024. The Board also reviewed recent company activities and projects. The notification was signed by CEO Hazeem Sultan Al Suwaidi and a copy was sent to the Securities and Commodities Authority (SCA).

Borouge Plc, a leading petrochemicals company, reported a 33% year-on-year increase in net profit for Q2 2024, reaching $308 million. This growth was driven by record production volumes, strong sales, and cost efficiencies. The company's Q2 revenue increased by 6% year-on-year to $1.5 billion, and its EBITDA margin rose to 41%. Borouge's sales volume grew by 16% quarter-on-quarter and 9% year-on-year. The Borouge 4 growth project is over 70% complete and will increase annual production capacity by 28%. The company remains committed to a $1.3 billion dividend for 2024, with a current yield of 6.5%. Borouge leveraged its competitive advantage in key markets, maintaining robust price premiums for polyethylene and polypropylene. The company achieved record production levels with high utilisation rates and maintained strong operational performance.

Borouge PLC has announced the appointment of Mr. Stefan Doboczky as a Board Member and Vice Chairman, effective July 29, 2024. Mr. Doboczky, the new CEO of Borealis, replaces Mr. Thomas Gangl, who resigned in June 2024. With over 30 years of experience in the chemicals industry and a strong leadership track record, Mr. Doboczky is expected to contribute significantly to Borouge's strategic initiatives and growth. The announcement was made by Hazeem Sultan Al Suwaidi, the CEO of Borouge PLC, and was also communicated to the Securities and Commodities Authority.

On 25 July 2024, the Market Operations & Surveillance section of the Abu Dhabi Securities Exchange sent a notification to the Disclosures and Compliance Section regarding a meeting of the Board of Directors of Borouge PLC. The meeting is scheduled to be held via video conference at 3:00 PM on Tuesday, 30 July 2024. The agenda includes discussing and approving the financial results for the second quarter of 2024, considering interim dividend distribution to shareholders for the first half of 2024, and addressing other general matters related to the company's activities and projects. The notification was signed by Hazeem Sultan Al Suwaidi, the Chief Executive Officer, and a copy was sent to the Securities and Commodities Authority (SCA).