Abu Dhabi, UAE — Borouge has reported a 16 percent year-on-year (YoY) increase in net profit in the fourth quarter of 2023 to $288 million, bringing full-year net profit to $1 billion.
The company said it maintained its performance trajectory, with fourth-quarter net profit increasing 2 percent quarter-on-quarter, marking a third consecutive increase in quarterly earnings.
Borouge’s focus on operational and commercial excellence is driving strong performance in the face of challenging global market conditions, the company said.
On the back of the company’s performance, Borouge management intends to distribute 15.9 fils per share in dividends for the full year 2024, equating to a 6.6 percent current dividend yield.
Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, commented, “Looking ahead, Borouge will remain agile in adapting to market dynamics and our customers’ evolving needs. Our focus centres on differentiated product development, maintaining our price premia across our products, and continuing to drive further value creation as we solidify our market-leading positions.”
He said the company intends to distribute $1.3 billion in cash dividends for 2024.
Fourth quarter revenue reached $1.5 billion, unchanged quarter-on-quarter and declining 6 percent on a year-on-year basis on weaker global demand, while costs reduced 16 percent over the same period.
