Abu Dhabi, UAE—Borouge announced a profit of $308 million for the third quarter of 2022, with an adjusted EBITDA of $593 million.
For the nine months ended 30 September, the company reported a 13.5 percent increase in revenue to $5.13 billion. The increase in revenue over the nine months was driven by an 11.9 percent increase in total sales volumes, with polypropylene (PP) volumes up 14.7 percent.
Overall production capacity grew by 7.9 percent year-on-year as the ramp-up of the PP5 plant was completed. PP5 commenced production of more differentiated and premium grades in the third quarter.
Adjusted EBITDA for the nine months declined by 3.6 percent to $2.10 billion due to globally elevated logistics and material costs, however, the Company saw a slight reduction in these costs towards the end of the third quarter, Borouge said.
Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, commented, “Our infrastructure solutions continue to grow their share of our end product market, accounting for 46 percent in the third quarter and remain a priority as we differentiate our offering from global peers. Importantly, we have been able to maintain our premia above benchmark pricing in the market, which is a testament to the efficiency of our operations and the quality of the products we offer.”
The company said it will pay $975 million in dividends to shareholders for 2022, and at least $1.3 billion for FY 2023.
In October 2022, the company paid an interim dividend of $325 million, equivalent to AED1.2 billion or 3.97 fils per share.