Borouge proposes share buyback, final 2024 dividend
17 Mar 2025 12:54
ABU DHABI (WAM) Borouge Plc, a leading petrochemicals company that provides innovative and differentiated polyolefins solutions, will seek shareholder approval for a share buyback and final 2024 dividend at its in-person and virtual Annual General Meeting (AGM) on April 7, providing the option for the company to purchase up to 2.5 percent of its issued share capital.The proposal comes after Borouge delivered outstanding 2024 financial results, achieving a 24 percent year-on-year increase in net profit to $1.24 billion, superior free cash flow generation of c. $1.6 billion, driven by record production and sales volumes.The proposed share buyback underscores the company's confidence in its long-term growth prospects and commitment to delivering superior returns to its shareholders through multiple avenues and underpinned by its exceptional operational and financial performance.Upon shareholder and regulatory approvals, the share buyback would be conducted through open market transactions in accordance with ADX regulations, with the quantity of shares repurchased dependent on market conditions and other factors.CEO of Borouge, Hazeem Sultan Al Suwaidi, said, 'Borouge's share buyback to repurchase shares at an attractive valuation, underscores our commitment to enhancing shareholder value. With one of the highest dividend yields on the ADX, this buyback highlights our strong financial position and ability to seize value-accretive opportunities. Backed by a robust balance sheet and strong cash flow, we remain well-positioned to maximise returns while advancing the Borouge 4 expansion and other strategic initiatives.'The share buyback, which, if approved, will be overseen and managed by the Board of Directors, may be modified or discontinued at any time, with the 2.5 percent shares constituting the approved ceiling for the repurchase.In addition to the share buyback proposal, shareholders will also vote to approve the final 2024 dividends of 7.94 fils per share, which will be distributed on April 28, 2025, bringing its total 2024 dividend payout to $1.3 billion equivalent to 15.88 fils per share with an attractive annual dividend yield.Borouge is in a prime position, financially and operationally, to cement its role amongst the industry's leading companies and accelerate its growth ambitions.
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