Borouge PLC

Logotype for Borouge PLC
Ticker/ISIN
BOROUGE
AEE01072B225
Market/Country
Abu Dhabi Stock Exchange
United Arab Emirates

About Borouge PLC

Borouge is one of the world’s leading providers of innovative and differentiated polyolefin solutions. Borouge provides value-creating plastic solutions for the agriculture, infrastructure, energy, advanced packaging, mobility and healthcare industries. Borouge’s portfolio of products comprises polyethylene (the most common form of polymer in use) and polypropylene (the second most common form of polymer) which are used for a variety of applications such as pipes and fittings, wires and cables, automotive, sustainable packaging, agriculture and medical applications. Borouge is committed to providing creative polyolefin solutions for a wide range of industries and customers around the world in an effective and environmentally sound manner. Borouge’s solutions contribute to addressing global challenges such as climate change, food waste and scarcity, access to fresh water, energy conservation, healthcare support and waste management. Borouge operates one of the world’s largest integrated polyolefin production complexes in Ruwais, UAE, has a diverse regional footprint of logistics hubs, warehouses and gateways across the MENA region, Europe, and Asia Pacific, and Sales & Marketing headquartered in Singapore.

Latest Pressrelease Summaries from 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).
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).

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Disclosures: Borouge PLC Elections (Board Members)

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Disclosures: Borouge PLC Elections (Board Members)

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Disclosures: Borouge PLC Management Report for the Period Ended March 31,2023

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Disclosures: Borouge PLC Management Discussion and Analysis Report for the Period Ended March 31,2023

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Disclosures: Borouge PLC Press Release on the Financial Results for the Period Ended March 31,2023

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Disclosures: Borouge PLC Financial Results for the Period Ended March 31,2023

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Disclosures: Borouge PLC Board Meeting Results held on 27/04/2023 at 15:30

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News Update From Borouge PLC

Disclosures: Borouge PLC Announcement of Board Meeting to be held on 27/04/2023 at 15:30

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