Abu Dhabi – Mubasher: Borouge achieved net profits worth $713 million in the first nine months (9M) of 2023, down 39% year-on-year (YoY) from $1.16 billion.
Revenues hit $4.29 billion during January-September 2023, an annual decline of 16% from $5.13 billion, according to the income statements.
The basic and diluted earnings per share (EPS) plummeted to $0.02 in 9M-23 from $0.04 a year earlier.
Financials for Q3-23
In the third quarter (Q3) of 2023, Borouge registered a 9% YoY drop in net profit to $ 282 million, compared to $308 million.
The ADX-listed company’s revenues shrank by 11% to $1.49 billion in Q3-23 from $1.67 billion in Q3-22, while the basic and diluted EPS remained unchanged at $0.01.
On a quarterly basis, the Q3-23 profits increased by 22% from $231 million in Q2-23, while the revenues rose by 6% from $1.41 billion.
Hazeem Sultan Al Suwaidi, CEO of Borouge, commented: “Borouge has delivered robust operating and financial performance this quarter, leveraging the company’s competitive advantages and maintaining disciplined cost management.”
“Consequently, sales volumes have grown, and we remain committed to innovation to expand market share and maintain strong pricing premia,” Al Suwaidi mentioned.
The CEO added: “Borouge has distributed an interim dividend of $650 million in Q3.”
