Dubai: The ADNOC petrochemicals JV Borouge will hand out a whopping Dh1.2 billion to shareholders as H1-2022 interim dividend, which comes to 3.97 fils a share. This will be paid by October 3, and represents the first tranche of the 2022 dividend of Dh3.6 billion.
“Borouge is committed to delivering exceptional value for shareholders,” said Hazeem Sultan Al Suwaidi, CEO. “Borouge reported strong maiden half-year results with double-digit growth in revenue, significant sales volume growth and strong cashflow generation.
“We are optimistic regarding the future growth of the company and we will continue to focus on executing our strategy built around our differentiated products and innovative solutions that have a positive impact on society.”
Favourable energy prices and strong export orders whipped up a strong first-half performance for Borouge, in which Borealis is the other partner. (Borouge listed on ADX in June after a $2 billion float.)
Borouge had a 16.4 per cent increase in H1-2022 revenue to Dh12.7 billion, with sales volume up 8.6 per cent and its average price per tonne recording growth of 4.1 per cent. Overall production capacity grew by 6.9 per cent year-on-year with the ramping up of the new PP5 plant and the turnaround of Borouge 1 at the Ruwais facility in the first quarter, helped deliver an 8.6 per cent year-on-year growth in overall sales volumes.
ADNOC has 54 per cent in the company, while Borealis' stake is 36 per cent.