Abu Dhabi – Mubasher: The shareholders of Borouge approved an interim cash dividend of $650 million for the first half (H1) of 2024, according to a press release.
The company will disburse 7.94 fils per share, representing an annualised dividend yield of 6.30%.
At the general assembly meeting (GAM) that was held on 30 August, the group reaffirmed its intention to pay a total of $1.30 billion in dividends for 2024. This aligns with Borouge's commitment to delivering strong shareholder returns following exceptional growth in first-half earnings.
The ex-dividend date will be 6 September 2024, while the payment is set to take place within 30 days of the general assembly meeting.
Hazeem Sultan Al Suwaidi, CEO of Borouge, commented: “Growth initiatives such as Borouge 4, EU2, and our feasibility study for a planned speciality polyolefins complex in China, along with our ambitious AI programme, will significantly boost our production capacity, enhance productivity, safety, and sustainability, and unlock significant financial value.”
“In H1-24, Borouge achieved a 35% increase in net profit reaching $581 million with an industry-leading 42% EBITDA margin, reflecting the company's ability to optimise costs and maintain a strong price premium in global markets, even under challenging conditions.
Meanwhile, the Borouge 4 project is over 70% complete. Once concluded, it will increase annual production capacity by 28%, contributing to approximately $1.90 billion in annual revenue.
Furthermore, the upgrade of the second ethylene unit (EU2), scheduled for completion in 2028, will add nearly $250 million in annual revenue.
