Abu Dhabi – Mubasher: The net profits attributable to the equityholders of Borouge plummeted to $1.39 billion in 2022 from $1.51 billion in 2021.
The company generated revenues worth $6.72 billion during January-December 2022, up 8.30% year-on-year (YoY) from $6.21 billion, according to the income statements
Basic and diluted earnings per share (EPS) stood at $0.05 last year, unchanged from 2021.
Income Statements for Q4
During the fourth quarter (Q4) of 2022, the ADX-listed firm registered net profits attributable to the shareholders worth $244 million, lower than $299 million in the year-ago period.
Revenues shrank to $1.59 billion in Q4-22 from $1.69 billion in Q4-21, while the basic and diluted EPS maintained its value at $0.01 during the two quarters.
Dividends for H2
The board of Borouge granted its approval for the distribution of $650 million (AED 2.38 billion) as cash dividends for the second half (H2) of 2022.
Eligible shareholders will receive a dividend of nearly 7.90 fils per share.
Hazeem Sultan Al Suwaidi, CEO of Borouge, noted: “As we look ahead to 2023 and beyond, we will continue to execute on our commitment to organic growth, as well as explore new opportunities for expansion in the UAE and internationally, where they complement our long-term growth strategy and reinforce our position as a world-leading polyolefins producer.”
In the first nine months (9M) of 2022, Borouge witnessed an annual plunge in net profit to $1.16 billion from $1.22 billion.
