Abu Dhabi – Mubasher: The net profits of Borouge amounted to $272.70 million in the first quarter (Q1) of 2024, an annual increase of 37% from $199.28 million.
The company's revenues dropped by 6% to $1.30 billion in Q1-24 from $1.38 billion in Q1-22, according to the consolidated interim financial statements.
Basic and diluted earnings per share (EPS) remained unchanged at $0.01 during the first three months (3M) of 2024.
Quarter-on-quarter (QoQ), the net profits registered in Q1-24 declined by 5% from $288 million in Q4-23, while the revenues fell by 16% from $1.49 billion.
At the company’s annual general meeting on 28 March, Borouge reiterated its intention to maintain a $1.30 billion dividend in 2024.
Hazeem Sultan Al Suwaidi, CEO of Borouge, commented: “Our strategy remains focused on high value-add segments, maintaining strong customer relationships in the world’s fastest-growing economies, and maximising geographic reach.”
“Borouge is now entering a transformational phase in our growth journey. We are making excellent progress on the Borouge 4 production facility, which is over 60% completed,” Al Suwaidi continued.
He indicated: “The plant will raise annual capacity by 28% to 6.40 million tonnes and leverage a new generation of technology to elevate our product profile.”
“The company is also pursuing accelerated global growth prospects including a significant opportunity in the Asia Pacific region that has reached the feasibility stage,” the CEO concluded.
