Dubai: The Abu Dhabi petrochemicals company Borouge – fresh from a hugely successful IPO that raised more than $80 billion in subscriptions – recorded revenues of $5.47 billion for 2021, a 34 per cent increase on 2020’s $4.09 billion. Profit for the full year came to $1.45 billion, itself a strong 52 per cent increase from 2020.
There was ‘healthy demand’ for its product-line through the year, with prices ‘supported by the higher oil environment’. Borouge, owned by ADNOC and Borealis, declared interim dividends of $5.38 billion for the year. That works out to a 301 per cent increase from 2020’s payout of $1.34 billion.
Borouge, which will list on ADX this week, is just coming out of a $2 billion IPO, adding another major win for Abu Dhabi, ADNOC and its stock market. The offer pulled in subscriptions of more than $80 billion, confirming the heightened level of investor demand for blue-chips deciding to go public.
Since the second-half of 2020, the company has been on a roll in terms of demand for its products, which has multiple user industries as clients. ‘Borouge business continuity programmes remained fully valid throughout 2021, guaranteeing uninterrupted production and supply,” the company said. “These programmes covered not only the challenges from the pandemic, but also from the logistic constraints occurring worldwide.”