Dubai: Shareholders holding the Borouge stock up to and on September 7 can partake in the Dh2.38 billion ($650 million) dividend payout for the Abu Dhabi company’s H1-23 performance.
This works out to 7.9 fils a share.
For the full year, the entity, in which ADNOC has a sizeable stake, will pay Dh4.8 billion, or 15.8 fils a share.
Borouge shareholders have given their go-ahead for the H1-23 dividend. “We maintain strong cash conversion and a robust balance-sheet position which enables us to deliver significant through-the-cycle dividends to our shareholders even in an overall challenging market environment,” said Hazeem Sultan Al Suwaidi, CEO.
The dividend payment - ‘despite the prevailing market challenges’ - aligns with Borouge’s goal of ‘delivering exceptional shareholder returns’.
In the year-to-June 30, Borouge revenues were lower by 19.1 per cent to $2.8 billion.
“Borouge continues to future-proof the company by unlocking new opportunities, optimising efficiency, driving growth, and delivering competitive dividends,” said the statement.
The global petrochemicals marketplace has been passing through a bit of a topsy-turvy phase, with a softening of prices and demand apparent in recent quarters. The fourth quarter will, in particular, have a decisive say in influencing market dynamics.