Borouge PLC

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.

The Annual General Assembly Meeting of Borouge PLC was held on 28th March 2024, both in-person in Abu Dhabi and virtually. The meeting was chaired by H.E. Dr. Sultan Al Jaber, with a quorum of 91.82%. The assembly approved the Board of Directors' report on the company's activities and financial position, the external auditor's report, and both standalone and consolidated audited financial statements for 2023. The assembly also approved a cash dividend distribution of USD 650,000,000 for the second half of 2023, bringing the total cash dividend to AED 4,774,250,000 for the year. The board members and auditors were discharged from liability for 2023. The assembly approved a remuneration of AED 21.66 million for the Board of Directors' services in 2023 and appointed Ernst & Young Middle East as the external auditor for 2024 with a remuneration of USD 706,056 plus applicable VAT.

The Abu Dhabi Securities Exchange has announced that Borouge PLC's Annual General Assembly meeting will be held on Thursday, 28 March 2024, at 3 p.m. UAE time. The invitation and meeting agenda will be published in two daily newspapers in both English and Arabic on Thursday, 7 March 2024. Along with the announcement, the AGM invitation and a disclosure regarding AGM proxies are attached. A copy of the notification has been sent to the Securities and Commodities Authority (SCA).

The text appears to be a management discussion and analysis document for Borouge PLC's fourth quarter and full year of 2023, released on 1st February 2024. This document typically includes an overview of the company's financial performance and future outlook.

Borouge Plc, a leading petrochemicals company, reported a 16% year-on-year increase in Q4 2023 net profit to $288 million, bringing the full-year net profit to $1 billion. Despite challenging global market conditions, the company's focus on operational and commercial excellence resulted in strong performance with Q4 costs 16% lower year-on-year. The company's Value Enhancement Programme, aimed at revenue optimisation and cost efficiencies, achieved a positive impact of $607 million, surpassing its initial and revised targets of $400 million and $500 million respectively. Borouge management plans to distribute a dividend of 15.9 fils per share in 2024, equivalent to a 6.6% current dividend yield.

The text provides the principal business address of Borouge PLC in Abu Dhabi, UAE. It also mentions that the company has released its reports and consolidated financial statements for the year ending on 31 December 2023.

The Board of Directors of Borouge PLC held a meeting on 31 January 2024. During the meeting, the Board approved the company's audited financial statements for the year ending 31 December 2023. It also proposed a cash interim dividend distribution of USD 650,000,000 (equivalent to AED 2,387,125,000, approximately 7.9 fils per share) for the second half of the financial year. This proposal will be considered at the next general assembly meeting. The Board also invited the Company's annual general assembly to convene on 28 March 2024. The Board discussed recent developments related to the company's activities and projects. The meeting was notified to the Securities and Commodities Authority.