Borouge to distribute interim dividend of US$ 650 million

Borouge to distribute interim dividend of US$ 650 million

Maintaining a strong cash conversion rate and a robust balance sheet position, Borouge reiterates commitment to paying US $1.3 billion in dividends for FY 2023

  • By ICN Bureau | September 02, 2023

Borouge, a leading petrochemical company that provides innovative and differentiated polyolefin solutions, hosted a General Assembly meeting, where shareholders voted to approve an interim dividend of US $650 million for the first half of 2023, equivalent to 7.9 fils per share.

The interim dividend will be paid to shareholders who have purchased Borouge shares as of 7 September 2023. This represents the first part of the expected total FY 2023 dividend of US $1.3 billion, which is equivalent to 15.8 fils per share.

Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, said: “We are delighted to announce the shareholders’ approval of the interim dividend amounting to $650 million, reiterating our commitment to paying $1.3 billion in dividends for 2023 while continuing to deliver exceptional returns to our shareholders through our innovative and differentiated solutions. We maintain strong cash conversion and a robust balance sheet position which enables us to deliver significant through-the-cycle dividends to our shareholders even in an overall challenging market environment.”

The dividend payment, despite the prevailing market challenges, aligns with Borouge’s strategic objective of delivering exceptional shareholder returns. Borouge continues to future-proof the company by unlocking new opportunities, optimising efficiency, driving growth, and delivering competitive dividends.

In the first half of 2023, Borouge announced revenues of US $2.8 billion and adjusted EBITDA of $978 million. Tracking ahead of its full-year target of US$400 million, the company’s ambitious Value Enhancement Programme delivered a material impact of US $253 million through enhanced efficiencies and optimised revenue, significantly and positively contributing to mitigating external market pressures.

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