Abu Dhabi-based petrochemicals company Borouge on Thursday posted a Q2-2022 net profit of $490 million, up by 35% compared to its first quarter pro forma income and supported by higher sales volumes and revenue.

Announcing its first earnings as a listed company, the company said in a filing on the Abu Dhabi Securities Exchange, that revenue in the period grew 18% to $1.87 billion.

"This was achieved despite higher underlying feedstock prices as Borouge was able to optimise feedstock arrangements to lower overall production costs per tonne compared with the previous quarter," the polymer maker said.

Borouge, a chemicals joint venture between the UAE’s  Abu Dhabi National Oil Co. and Borealis AG, listed its shares in June this year following a blockbuster IPO that raised $2 billion. It makes specialty plastics for manufacturing and consumer goods. 

For H1, Borouge reported a 2.5% increase in net profit to $853 million driven by sales volume growth of 8.6% and average price per tonne growth of 4.1%.

Borouge also reiterated its commitment to pay $975 million in dividends for FY 2022, and at least $1.3 billion for FY 2023.

(Writing by Brinda Darasha; editing by Seban Scaria)