Abu Dhabi, UAE — Borouge, a petrochemicals company that provides differentiated polyolefins solutions, has approved a $650 million (7.94 fils/share) final 2023 cash dividend at its Annual General Meeting (AGM).
The company also confirmed its intention to pay a total dividend of $1.3 billion for 2024.
Borouge recorded $1 billion in net profit in 2023 and its $607 million Value Enhance Programme contributed a significant 28 percent to 2023 EBITDA, the highest total impact in any single year of any announced programs by peers.
The company achieved record sales volumes of 5.1 million tons, driven by exceptional production and industry-leading asset utilization rates, adding approximately 200,000 tons in polyolefins sales, which contributed to $106 million EBITDA in 2023.
As a result of these initiatives, Borouge outperformed its regional and international peers with one of the highest EBITDA margins in the industry at 38 percent.
Borouge will distribute a total of $1.3 billion in dividends for 2023, following AGM approval of a final dividend of $650 million.
Hazeem Sultan Al Suwaidi, CEO of Borouge, commented, “The significant $1.3 billion dividend from our 2023 earnings reflects the success of our business strategy and our operational resilience in a challenging market environment. Our outstanding operational and commercial excellence yielded exceptional performance compared with our global peers.