Abu Dhabi – Mubasher: The net profits of Borouge hit $431 million during the first half (H1) of 2023, an annual drop from $853 million.

The firm posted a year-on-year (YoY) plunge in revenue to $2.79 billion during January-June 2023 from $3.46 billion, according to the income statements.

Basic and diluted earnings per share (EPS) amounted to $0.01 in H1-23, lower than AED 0.03 in H1-22.

Financial Results for Q2-23

In the second quarter (Q2) of 2023, Borouge generated $231 million in net profit, versus $490 million during the three-month period that ended on 30 June 2022.

Revenues shrank to $1.41 billion in Q2-23 from $1.87 billion in Q2-22, while the basic and diluted EPS retreated to $0.01 from $0.02.

Hazeem Sultan Al Suwaidi, CEO of Borouge, commented: “In a challenging market environment, our results for the Q2 and H1 are a demonstration of our resilience.”

“Following the successful completion of the planned turnaround of our Borouge 2 facility, our production is at a very high utilisation rate,” Al Suwaidi noted.

Dividends

The CEO highlighted: “In view of our robust financial position and very strong cash conversion, we are pleased to announce that our board has endorsed an interim dividend of $650 million to be approved by shareholders during H2-23 and reiterated our commitment to pay $1.30 billion in dividends for 2023.”

During the first three months (3M) of 2023, the company’s net profits attributable to the owners plummeted to $198 million from $359 million in Q1-22