UAE: Borouge’s profits to shareholders hit $198mln in Q1-23 initial financials

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Borouge posted net profits attributable to the owners amounting to $198 million in the first quarter (Q1) of 2023, versus $359 million in Q1-22.

Revenues stood at $1.38 billion in Q1-23, an annual drop from $1.590 billion, according to the unaudited income statements.

The basic and diluted earnings per share (EPS) hit $0.01 as of 31 March 2023, unchanged from Q1-22.

On a quarterly basis, the Q1-23 net profits attributable to the shareholders plummeted from $244 million in Q4-22, while the revenues shrank from $1.593 billion.

Hazeem Sultan Al Suwaidi, CEO of Borouge, commented: “The turnaround of our Borouge 2 facility was successfully completed on time and on budget, returning our asset base to full production capacity from the second quarter onwards.”

Al Suwaidi noted: “We also made important strides forward in the execution of our value enhancement programme, achieving revenue optimisation gains and significant efficiencies in both fixed and variable costs. We will be looking to build on this strong progress throughout the year.”

The CEO highlighted: “In April, we were pleased to pay a final dividend of $650 million to shareholders, bringing total post-IPO dividends for 2022 to $975 million, and we remain committed to paying dividends of $1.3 billion for the year 2023.”

In the January-December 2022 period, the ADX-listed company logged net profits attributable to the equityholders worth $1.39 billion, lower than $1.51 billion in 2021.