Latest news with #HazeemSultanAlSuwaidi
Gulf Today
31-07-2025
- Business
- Gulf Today
Borouge announces $193 million Q2 net profit
Borouge Plc, a leading petrochemicals company providing innovative and differentiated polyolefins solutions, today announced a net profit of $193 million for the second quarter of 2025, exceeding market expectations. The results reflect disciplined execution of the planned Borouge 3 turnaround, with the company maintaining strong margins and healthy cash generation on the back of effective cost management and sustained premia across its high-value product mix. The Borouge 3 turnaround was successfully executed during the quarter, completed safely, within budget and delivered eight days ahead of schedule. As the largest and most complex turnaround to date, the company optimised downtime by 15 per cent, reflecting the efficiency of company's planning and execution teams. These planned, regular six-year maintenance turnarounds are essential to servicing Borouge's world-class assets and maintaining high utilisation rates and production volumes. Adjusted EBITDA for the second quarter was $440 million, reflecting performance above expectations during the planned Borouge 3 turnaround. Borouge maintained a healthy EBITDA margin of 34 percent, supported by product mix optimisation throughout a scheduled major maintenance event. Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, commented, 'Borouge's results are underpinned by healthy cash flows, disciplined execution and strong pricing premia, following the successful completion of the planned Borouge 3 turnaround, our largest to date." He added, "Reflecting our commitment to delivering shareholder value, we reaffirm our intention to increase Borouge's dividend to 16.2 fils per share for 2025 and our proposed H1 2025 dividend of 8.1 fils per share to be paid in September. The increased dividend is also expected to serve as the intended minimum share payout to at least 2030 under Borouge Group International.' Strong pricing premia above product benchmark prices for polyethylene (PE) and polypropylene (PP) remained a key highlight of the quarter, with $249 per tonne achieved for PE and $141 per tonne for PP, both exceeding management's through-the-cycle guidance. Supported by Borouge's ability to reallocate volumes to maximise netbacks, its differentiated portfolio and disciplined execution, the company sustained premium positioning despite softer market conditions. Borouge reported revenue of $1.31 billion in Q2 2025, compared to $1.5 billion in Q2 2024, taking into account the planned Borouge 3 maintenance, reflecting a quarter that balanced disciplined asset management with the company's ongoing commitment to delivering value for shareholders. Sales volumes totalled 1.1 million tonnes, broadly stable quarter-on-quarter, supported by approximately 140 kilotonnes of inventory sales. High-value products continued to account for 41 percent of total volumes, with strong momentum in infrastructure and advanced packaging applications. Capital expenditure in Q2 amounted to $130 million. Borouge closed the quarter with a net debt-to-EBITDA ratio of 1.0x, maintaining a strong balance sheet and significant financial flexibility. For the first half of the year, revenue stood at $2.72 billion compared to $2.81 billion in H1 2024. Adjusted EBITDA reached $1.0 billion versus $1.18 billion in the prior-year period, with margins supported by strong pricing premia, cost discipline and inventory sales. Sales volumes totalled 2.39 million tonnes, down just 2 percent year-on-year, reflecting Borouge's operational resilience and agility. The company has proposed an increased minimum interim dividend of 8.1 fils per share for the first half of 2025, subject to shareholder approval at the upcoming General Assembly in August. This interim payout reflects the first instalment of the previously announced intention to increase the full-year 2025 dividend to 16.2 fils per share, marking an uplift from 15.88 fils in 2024, representing an estimated dividend yield of 6.1 percent at the current share price, one of the highest on the Abu Dhabi Securities Exchange (ADX). This reinforces the company's increased dividend framework. Since its listing in 2022, Borouge has paid a total of $3.58 billion in dividends to shareholders. Upon completion of the proposed Borouge Group International transaction, the newly formed entity intends to maintain an annual minimum dividend of 16.2 fils per share up to at least 2030. This represents a cumulative shareholder return of approximately 37 percent with a strong upside potential and a 90 per cent dividend payout ratio of net profit. Borouge continues to execute a share buyback approved at its AGM in April, reflecting the company's strong confidence in its future prospects. It has purchased 125 million shares at the end of the second quarter with transactions reported as per ADX regulatory requirements. Borouge continues to advance its company-wide AI, Digitalisation and Technology (AIDT) programme, which has delivered $307 million in value year-to-date. A key milestone this year was the launch of its proof-of-concept project with Honeywell to develop the petrochemical industry's first AI-powered control room, enabling autonomous operations at Borouge's Ruwais facilities. WAM
Zawya
31-07-2025
- Business
- Zawya
UAE: Borouge announces $193mln Q2 net profit
ABU DHABI - Borouge Plc, a leading petrochemicals company providing innovative and differentiated polyolefins solutions, today announced a net profit of $193 million for the second quarter of 2025, exceeding market expectations. The results reflect disciplined execution of the planned Borouge 3 turnaround, with the company maintaining strong margins and healthy cash generation on the back of effective cost management and sustained premia across its high-value product mix. The Borouge 3 turnaround was successfully executed during the quarter, completed safely, within budget and delivered eight days ahead of schedule. As the largest and most complex turnaround to date, the company optimised downtime by 15 percent, reflecting the efficiency of company's planning and execution teams. These planned, regular six-year maintenance turnarounds are essential to servicing Borouge's world-class assets and maintaining high utilisation rates and production volumes. Adjusted EBITDA for the second quarter was $440 million, reflecting performance above expectations during the planned Borouge 3 turnaround. Borouge maintained a healthy EBITDA margin of 34 percent, supported by product mix optimisation throughout a scheduled major maintenance event. Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, commented, 'Borouge's results are underpinned by healthy cash flows, disciplined execution and strong pricing premia, following the successful completion of the planned Borouge 3 turnaround, our largest to date." He added, "Reflecting our commitment to delivering shareholder value, we reaffirm our intention to increase Borouge's dividend to 16.2 fils per share for 2025 and our proposed H1 2025 dividend of 8.1 fils per share to be paid in September. The increased dividend is also expected to serve as the intended minimum share payout to at least 2030 under Borouge Group International.' Strong pricing premia above product benchmark prices for polyethylene (PE) and polypropylene (PP) remained a key highlight of the quarter, with $249 per tonne achieved for PE and $141 per tonne for PP, both exceeding management's through-the-cycle guidance. Supported by Borouge's ability to reallocate volumes to maximise netbacks, its differentiated portfolio and disciplined execution, the company sustained premium positioning despite softer market conditions. Borouge reported revenue of $1.31 billion in Q2 2025, compared to $1.5 billion in Q2 2024, taking into account the planned Borouge 3 maintenance, reflecting a quarter that balanced disciplined asset management with the company's ongoing commitment to delivering value for shareholders. Sales volumes totalled 1.1 million tonnes, broadly stable quarter-on-quarter, supported by approximately 140 kilotonnes of inventory sales. High-value products continued to account for 41 percent of total volumes, with strong momentum in infrastructure and advanced packaging applications. Capital expenditure in Q2 amounted to $130 million. Borouge closed the quarter with a net debt-to-EBITDA ratio of 1.0x, maintaining a strong balance sheet and significant financial flexibility. For the first half of the year, revenue stood at $2.72 billion compared to $2.81 billion in H1 2024. Adjusted EBITDA reached $1.0 billion versus $1.18 billion in the prior-year period, with margins supported by strong pricing premia, cost discipline and inventory sales. Sales volumes totalled 2.39 million tonnes, down just 2 percent year-on-year, reflecting Borouge's operational resilience and agility. The company has proposed an increased minimum interim dividend of 8.1 fils per share for the first half of 2025, subject to shareholder approval at the upcoming General Assembly in August. This interim payout reflects the first instalment of the previously announced intention to increase the full-year 2025 dividend to 16.2 fils per share, marking an uplift from 15.88 fils in 2024, representing an estimated dividend yield of 6.1 percent at the current share price, one of the highest on the Abu Dhabi Securities Exchange (ADX). This reinforces the company's increased dividend framework. Since its listing in 2022, Borouge has paid a total of $3.58 billion in dividends to shareholders. Upon completion of the proposed Borouge Group International transaction, the newly formed entity intends to maintain an annual minimum dividend of 16.2 fils per share up to at least 2030. This represents a cumulative shareholder return of approximately 37 percent with a strong upside potential and a 90 percent dividend payout ratio of net profit. Borouge continues to execute a share buyback approved at its AGM in April, reflecting the company's strong confidence in its future prospects. It has purchased 125 million shares at the end of the second quarter with transactions reported as per ADX regulatory requirements. Borouge continues to advance its company-wide AI, Digitalisation and Technology (AIDT) programme, which has delivered $307 million in value year-to-date. A key milestone this year was the launch of its proof-of-concept project with Honeywell to develop the petrochemical industry's first AI-powered control room, enabling autonomous operations at Borouge's Ruwais facilities.
Yahoo
30-06-2025
- Business
- Yahoo
Borouge Partners with Honeywell to Develop Autonomous Operations in UAE
This article was first published on Rigzone here Abu Dhabi-based petrochemicals company Borouge PLC has partnered with Honeywell to conduct a proof of concept for AI-powered autonomous operations. The company said in a media release that this collaboration has the potential to revolutionize its UAE plant operations. The collaboration between Borouge and Honeywell is set to deliver the petrochemical industry's first AI-driven control room designed for full-scale, real-time operation, establishing a new standard for the future of AI in petrochemicals, Borouge said. 'Borouge's AI, Digitalization, and Technology (AIDT) transformation program is setting new standards in operations, innovation, and business performance. By collaborating with global AI leaders such as Honeywell, we are accelerating growth, driving efficiency, and enhancing shareholder value. This project further strengthens Borouge's competitive edge as we continue to deliver on our ambitious AIDT roadmap,' Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, said. The companies agreed to bring their expertise in process technology and autonomous control capabilities to identify new opportunities to deploy Agentic AI solutions and advanced machine learning algorithms, Borouge said. Take control of your THOUSANDS of Oil & Gas jobs on Search Now >> 'Our collaboration with Borouge is a clear example of how joint efforts can accelerate innovation across industry. By integrating AI and automation technologies into core operations, we are helping unlock new levels of efficiency, safety, and performance. This agreement shows how advanced technologies, applied with purpose, can reshape industrial operations at scale', George Bou Mitri, President of Honeywell Industrial Automation in the Middle East, Turkey, Africa and Central Asia, said. Borogue said the initiative seeks to implement proof-of-concept technologies that will improve its operations across its Ruwais facilities in the UAE. By embracing autonomous operations, Borouge said it can optimize production, cut energy consumption, and boost safety, all while driving down costs, at what will be the world's largest petrochemical site. Borouge expects its AIDT program to bring in $575 million in value this year. In 2024, Borouge's diverse portfolio of over 200 AIDT initiatives - spanning operations, health and safety, sales, sustainability, and product innovation - generated $573 million in value, the company said. To contact the author, email More From The Leading Energy Platform: Thailand's PTT Signs Cooperation Agreement with Glenfarne Alaska LNG USA Crude Oil Inventories Drop by Almost 6 Million Barrels WoW Chevron Field in Israel Allowed to Resume Production EIA Fuel Update Shows Increasing USA Gasoline Price >> Find the latest oil and gas jobs on <<
Canada News.Net
27-06-2025
- Business
- Canada News.Net
Borouge to develop AI-powered autonomous operations to accelerate growth
ABU DHABI, 25th June, 2025 (WAM) -- Borouge Plc has announced its collaboration with Honeywell to conduct a proof of concept for AI-powered autonomous operations, which has the potential to revolutionise plant operations in the UAE. The collaboration between Borouge and Honeywell is set to deliver the petrochemical industry's first AI-driven control room designed for full-scale, real-time operation, establishing a new standard for the future of AI in petrochemicals. Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, said, "Borouge's AI, Digitalisation, and Technology (AIDT) transformation programme is setting new standards in operations, innovation and business performance. By collaborating with global AI leaders such as Honeywell, we are accelerating growth, driving efficiency, and enhancing shareholder value. This project further strengthens Borouge's competitive edge as we continue to deliver on our ambitious AIDT roadmap." As part of the collaboration agreement, both companies will bring their expertise in process technology and autonomous control capabilities to identify new opportunities to deploy Agentic AI solutions and advanced machine learning algorithms. George Bou Mitri, President of Honeywell Industrial Automation, Middle East, Trkiye, Africa, Central Asia, said, "By integrating AI and automation technologies into core operations, we are helping unlock new levels of efficiency, safety, and performance. This agreement shows how advanced technologies, applied with purpose, can reshape industrial operations at scale." The initiative aims to deploy the proof-of-concept technologies to enhance Borouge's operations across its Ruwais facilities in the UAE. The project is a key component of Borouge's company-wide AIDT programme, which is projected to generate $575 million in value this year. In 2024, Borouge's diverse portfolio of over 200 AIDT initiatives-spanning operations, health and safety, sales, sustainability, and product innovation-generated $573 million in value.
Arabian Business
25-06-2025
- Business
- Arabian Business
Borouge and Honeywell to build AI-driven control room at Al Ruwais
Borouge, UAE's leading petrochemicals company, is collaborating with Charlotte, NC-based Honeywell to deliver the first AI-driven control room for a petrochemicals company that is designed for full-scale, real-time operation. The two companies will deploy a proof-of-concept technology to enhance Borouge's operations across its Ruwais facilities in the UAE. They will bring their expertise in process technology and autonomous control capabilities to identify new opportunities to deploy Agentic AI solutions and advanced machine learning algorithms. Strategic tech alliance with Honeywell The project is a key part of Borouge's AI, Digitalisation and Technology (AIDT) programme, which is projected to generate US$575 million in value this year. In 2024, the company's diverse portfolio of over 200 AIDT initiatives – spanning operations, health and safety, sales, sustainability, and product innovation – generated US$573 million in value. Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, commented: 'Borouge's AI, Digitalisation, and Technology transformation programme is setting new standards in operations, innovation and business performance. By collaborating with global AI leaders such as Honeywell, we are accelerating growth, driving efficiency, and enhancing shareholder value. This project further strengthens Borouge's competitive edge as we continue to deliver on our ambitious AIDT roadmap.' George Bou Mitri, President of Honeywell Industrial Automation in the region, added: 'Our collaboration with Borouge is a clear example of how joint efforts can accelerate innovation across industry. By integrating AI and automation technologies into core operations, we are helping unlock new levels of efficiency, safety, and performance. This agreement shows how advanced technologies, applied with purpose, can reshape industrial operations at scale.' Autonomous operations will enable Borouge to optimise production, reduce energy use, and enhance safety while reducing costs at what will be the single largest petrochemical site in the world. Founded in 1998 through a strategic partnership between ADNOC and Borealis, Borouge operates a polyolefins complex in Al Ruwais Industrial City, which is one of the world's largest integrated polyolefin complexes. ADNOC owns a majority 54 per cent stake in the company.
