Fri 23-09-2022 08:48 AM
ABU DHABI, 23rd September, 2022 (WAM) -- Borouge petrochemical company today announced the General Assembly approval for its 2022 interim dividend payment of US$325 million (AED1.2 billion) equivalent to 3.97 fils per share.
The interim dividend will be paid to shareholders of record on 3rd October 2022 and is the first payment of the expected total FY 2022 dividend of $975 million (AED3.6 billion), equivalent to 11.91 fils per share. The interim dividend payment reflects Borouge's strong financial performance in H1 2022 and its outlook for the remainder of 2022.
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. We are optimistic regarding the company's future growth and will continue to focus on executing our strategy built around our differentiated products and innovative solutions that positively impact society."
In the first half of 2022, Borouge reported a 16.4% increase in revenue to $3.5 billion (AED12.7 billion) versus the same period last year, driven by sales volume growth of 8.6% and average price per tonne growth of 4.1%.
Overall production capacity grew by 6.9% year-on-year with the ramping up of the new PP5 plant and the turnaround of Borouge 1 in Q1 (B1), helping drive an 8.6% year-on-year growth in overall sales volumes.