Abu Dhabi, UAE — Borouge reported on Tuesday a 24 percent year-on-year increase in net profit to $1.24 billion, driven by record production and sales volumes.
Borouge said it continued to deliver profitability metrics that are significantly superior to global industry peers, with an EBITDA margin of 41 percent for 2024.
EBITDA climbed 14 percent year-on-year to $2.48 billion, driven by a 4 percent year-on-year revenue increase to $6 billion.
Through a focus on operational excellence, the company delivered record production of 5.2 million tons, driven by exceptional utilization rates of 110 percent for polyethylene and 98 percent for polypropylene.
Sales volumes reached their highest-ever level of 5.3 million tons, supported by strategic positioning in high-growth markets across Asia, the Middle East and Africa and strong customer relationships cultivated by an international network of 14 sales and marketing offices.
Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, commented, “Borouge has generated substantial earnings growth in 2024, while maintaining strong profitability, at a time when the wider global industry has faced challenges.
He announced that Borouge intent to maintain a $1.3 billion dividend for the 2025 financial year, representing a 6.3 percent current dividend yield.
Al Suwaidi added, “The Borouge 4 strategic expansion project will transform the production scale by almost a third and enhance the innovation capabilities, driving sales growth in major markets.
“We are also implementing a comprehensive digital and AI transformation program, which is already enhancing productivity and will reimagine our operations in the coming years.”