Latest news with #BorougePlc
Zawya
30-04-2025
- Business
- Zawya
UAE Borouge's Q1 profit beats estimate; to raise dividend
The UAE-based petrochemicals company Borouge Plc reported Q1 2025 net profit of $281 million, 3% higher than in the year-earlier period. The profit beat analysts' mean estimate of $246.62 million, according to LSEG data. Revenue for the period grew 9% year-on-year to $1.42 billion, driven by higher average selling prices and increased sales volumes. Borouge said it plans to increase dividend for 2025 to 16.2 fils per share, which is expected to be maintained until 2030. (Writing by Brinda Darasha; editing by Daniel Luiz)
Al Etihad
28-04-2025
- Business
- Al Etihad
Borouge set to boost production capacity to over 6.6 million tonnes
28 Apr 2025 11:52 ABU DHABI (WAM) Borouge Plc today announced a series of strategic asset expansion projects to accelerate its growth, contributing annually between $165 million (AED600 million) and $200 million (AED730 million) in EBITDA. The company has awarded two major contracts aimed at boosting the nameplate capacity of its second ethane cracker (EU2), and the fourth and fifth polyethylene units (PE4 and PE5). Linde Engineering has been awarded a contract for Front-End Engineering Design (FEED) services to upgrade Borouge's second ethane unit (EU2) with an additional capacity of 230,000 tonnes per annum (tpa). This strategic project is expected to increase the EU2 cracker's capacity by 15 percent, delivering significant financial gains upon completion in Q4 2028. Linde Engineering was selected for its expertise in design and execution, and its role as the licensor of the existing EU2 cracker. The ethane used as feedstock for the EU2 cracker is supplied by ADNOC Gas and ADNOC Refining, ensuring an integrated and reliable supply has also awarded Target Engineering Construction Company an engineering, procurement, and construction (EPC) contract for the expansion and refurbishment of its PE4 and PE5 production units, following a competitive bidding process. This enhancement will increase their nameplate capacity from 540,000 to 700,000 tpa each. Leveraging Borealis Borstar® Polyethylene technology, the project is scheduled to be ready for start-up in Q1 2027. Hazeem Sultan Al Suwaidi, CEO of Borouge, said, 'By increasing production at our EU2, PE4 and PE5 units, as well as delivering the Borouge 4 mega project, we are strategically positioned for accelerated growth." "The expansions of our ethylene and polyethylene capabilities will enable Borouge to meet growing market demands, unlock new revenue streams, and further strengthen our global market position. These projects demonstrate our commitment to innovation, operational excellence, and sustainable growth," he added. Since 2001, Borouge has increased its annual production capacity tenfold, reaching 5 million tpa and positioning itself among the top five polyolefin producers in the Middle East and Asia Pacific. Together with the Borouge 4 mega project, these expansion projects, once fully ramped up, will increase the company's annual total polyolefins production capacity to over 6.6 million tpa by 2028. These projects are driving significant value to the UAE's economy through ADNOC's In-Country Value (ICV) programme, supporting economic and industrial growth.
Khaleej Times
17-03-2025
- Business
- Khaleej Times
Borouge proposes 25% share buyback and final 2024 dividend of $1.3 billion
Borouge Plc, a leading UAE petrochemicals company, on Monday proposed to seek shareholder approval for a share buyback and final 2024 dividend at its in-person and virtual annual general meeting (AGM) on April 7, the company announced on Monday. Borouge proposes to purchase up to 2.5 per cent of its issued share capital. The proposal comes after Borouge delivered outstanding 2024 financial results, achieving a 24 per cent 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. Fourth-quarter net profit increased 1 per cent quarter on quarter and 15 per cent year on year to $331 million, with revenue reaching $1.62 billion, up 1 per cent quarter on quarter and 8 per cent year on year. Sales volumes rose 8 per cent year on year and 3 per cent quarter on quarter, with total production flat year on year at 1.3 million tonnes. Adjusted Ebitda rose 8.2 per cent year on year and 0.6 per cent quarter on quarter to $650 million. Borouge reinforced its industry leadership by delivering a healthy adjusted Ebitda margin of 40 per cent, supported by a focus on continued operational efficiencies and cost optimisation. Cash conversion was strong at 88 per cent, with a healthy adjusted operating free cash flow of $572 million, up 9 per cent year on year. Full-year 2024 net profit increased 24 per cent to $1.24 billion, exceeding analyst expectations, and adjusted Ebitda increased 14 per cent to $2.48 billion. Revenue rose 4 per cent to $6 billion, while total costs improved by 2.1 per cent to $4.1 billion. The high-value infrastructure solutions segment represented 40 per cent of total sales volume in 2024, underscoring Borouge's strong positioning in this key high-value segment. The high-growth market of Asia Pacific remained the top destination for Borouge's products, accounting for 63 per cent of total sales volumes for both the quarter and the full year. '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,' a statement said. Hazeem Sultan Al Suwaidi, CEO of Borouge, 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 per cent 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 28 April 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,' the statmeent said.
Zawya
17-03-2025
- Business
- Zawya
Borouge proposes share buyback, final 2024 dividend
ABU DHABI - 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 7th April, 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. Hazeem Sultan Al Suwaidi, CEO of Borouge, 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 28th April 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.
Al Etihad
17-03-2025
- Business
- Al Etihad
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 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 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 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 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 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 is in a prime position, financially and operationally, to cement its role amongst the industry's leading companies and accelerate its growth ambitions.
