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Borouge to disburse $650m cash dividends for H1-23

Borouge to disburse $650m cash dividends for H1-23
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Abu Dhabi – Mubasher: The shareholders of Borouge approved an interim dividend of $650 million (AED 2.38 billion) for the first half (H1)of 2023, according to a press release.

The company will disburse a dividend of 7.90 fils per share to shareholders who purchase its shares as of 7 September 2023.

Meanwhile, the payment date will be 30 days from the general assembly meeting that was held on 30 August 2023.

The approved cash dividends represent the first part of the full-year dividend of $1.30 billion (AED4.8 billion), which is equivalent to 15.80 fils per share.

Hazeem Sultan Al Suwaidi, CEO of Borouge, commented: “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.”

In the six-month period that ended on 30 June 2023, the ADX-listed firm logged net profits valued at $431 million, compared to $853 million in H1-22.

Revenues amounted to $2.79 billion in H1-23, versus $3.46 billion during the same period in 2022.