Dubai, UAE — Petrochemicals company Borouge will pay shareholders a final dividend of $650 million for the year 2022, which is approximately 7.9 fils per share, bringing the total post-IPO dividend paid (Jun-Dec 2022) for the year to $975 million.
The final dividend will be distributed to shareholders in April 2023, and the company has committed to paying $1.3 billion in dividends for 2023.
Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Borouge, said, “The company is well positioned for organic growth and the Board has mandated Borouge to explore international expansion opportunities.”
In February 2023, Borouge posted a “strong” year-on-year growth in sales volumes, which drove revenue up 8.2 percent to $6.7 billion and net profit for the year to $1.4 billion.
Borouge also reported a 10 percent year-on-year increase in overall production capacity in 2022, with the successful ramp-up of its PP5 unit increasing production capacity by 500 kilotons per annum. The company continues to operate comfortably within the top quartile of the global cost curve.
The company said the management expects to sustain a 15 percent positive EBITDA impact from 2024 onwards, versus the 2022 baseline.
Borouge to pay huge dividend
- The final dividend will be distributed to shareholders in April 2023, and the company has committed to paying $1.3 billion in dividends for 2023.
- Borouge reported an increase of 8.2 percent in revenues to $6.7 billion and net profit for the year was $1.4 billion in 2022.