It confirmed the payment of dividends to shareholders of 1.98 billion dirhams

5 billion dirhams, the net profit of “Borouge” in 2022

The company's production capacity increased 10% last year.

From the source

Yesterday, Borouge Petrochemical Company announced its financial results for the year 2022, recording a net profit of $ 1.4 billion (more than 5.1 billion dirhams), in line with market expectations, while adjusted earnings before interest, taxes, depreciation and amortization amounted to $ 2.6 billion (9.5 billion). dirhams)

And the company stated, in a statement, that it achieved an increase in revenues at the end of last year by 8.2%, amounting to $ 6.7 billion (24.5 billion dirhams), compared to the same period in 2021, thanks to the growth of total “polyolefins” sales by 15%.

She indicated that the year 2022 witnessed a growth in the company’s total production capacity by 10% on an annual basis, after the completion of the operation of the fifth unit for the production of “polypropylene” affiliated with “Borouge”, which led to support for production by providing additional production capacity amounting to 500 kilotons per year, providing a more diversified and quality product mix and supporting the manufacture of premium products.

Borouge achieved adjusted profits before interest, taxes, depreciation and amortization of $541 million (1.98 billion dirhams) during the fourth quarter of last year, which remained constant on an annual basis, while net profit for the same period amounted to $247 million (907 million dirhams). , in line with market expectations.

Borouge confirmed its commitment to pay a total of $975 million (3.6 billion dirhams) as dividends to shareholders, after the public offering stage for 2022, and to pay at least $1.3 billion (4.7 billion dirhams) for the fiscal year 2023.

Hazeem Sultan Al Suwaidi, CEO of Borouge, said: “As we look forward to 2023 and the coming years, we affirm our commitment to continuing growth and exploring new opportunities for expansion in the UAE and internationally, which enhances our long-term growth strategy and our position as a global producer of polyolefins.”

 The company's net profit amounted to 907 million dirhams in the fourth quarter.

8.2% increase in the company's revenues at the end of last year.

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