Abu Dhabi Borouge’s nine-month turnover increased by 13.5 percent | Job Binary

Abu Dhabi-based petrochemical company Borouge reported a 13.5 percent increase in revenue to $5.13 billion in the nine months ended September 30, 2022, compared to the previous year.

The increase in turnover was influenced by an 11.9 percent increase in total sales volumes, while polypropylene (PP) volumes increased by 14.7 percent.

Production capacity increased by 7.9 percent from a year ago after the start-up of the PP5 plant was completed. Adjusted EBITDA fell 3.6 percent to $2.10 billion due to higher logistics and material costs worldwide, the company said in a statement.

The company’s net sales for the three months ended Sept. 30 rose 8 percent year-over-year to $1.67 billion, thanks to higher sales volumes. Total three-month sales increased by 18.1 percent year-on-year to 1,341 kilotons.

In the third quarter, Borouge delivered $593 million in adjusted EBITDA and $308 million in profit.

“We are pleased to report our third quarter and nine-month results, with strong revenue and sales volume performance year to date,” said Hazeem Sultan Al Suwaidi, CEO of Borouge.

“Our infrastructure solutions continue to grow their share of our end product market with a 46 percent share in the third quarter and continue to be a priority as we differentiate our offering from global products.”

Borouge said it will pay $975 million in dividends to shareholders for fiscal 2022 and at least $1.3 billion for fiscal 2023. In October 2022, the company paid an interim dividend of $325 million, equivalent to 3.97 fils per share. After its listing, Borouge was included in the FTSE Global Equity index series.

Read: Borouge’s $2 billion Abu Dhabi IPO raises $83 billion in subscriptions

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