Abu Dhabi, UAE— Borouge petrochemical will pay an interim dividend payment of $325 million (AED1.2 billion) equivalent to 3.97 fils per share to its shareholders on 3 October 2022.
This is the first payment of the expected total dividend of $975 million (AED3.6 billion), equivalent to 11.91 fils per share, for 2022.
The interim dividend payment reflects Borouge’s strong financial performance in H1 2022 and its outlook for the remainder of 2022, the company said.
It added that Borouge’s financial performance in the first half of the year and the approved interim dividend payment reflects the company’s operational and commercial strength following its record IPO on the Abu Dhabi Securities Exchange in June 2022.
Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, said, “Borouge is committed to delivering exceptional value for shareholders. Borouge reported strong maiden half-year results with double-digit growth in revenue, significant sales volume growth and strong cash flow generation.”
In the first half of 2022, Borouge reported a 16.4 percent increase in revenue to $3.5 billion (AED12.7 billion) versus the same period last year, driven by sales volume growth of 8.6 percent and average price per tonne growth of 4.1 percent.