The total number of Chinese visitors to the UAE stood at around 1.2 million in 2023
Borouge Plc, a leading petrochemicals company that provides innovative and differentiated polyolefins solutions, confirmed shareholder approval by its General Assembly Meeting (GAM) on August 30 of its half-year 2024 interim cash dividend of $650 million, or 7.94 fils per share, representing an annualised dividend yield of 6.3 per cent.
At the meeting, the company also reaffirmed its intention to pay a total of $1.3 billion dividend on full year 2024, reflecting Borouge’s commitment to delivering strong shareholder returns following exceptional growth in first-half earnings.
The first half of 2024 marked a period of exceptional progress and growth for Borouge, underpinned by strategic initiatives both domestically and internationally. In the UAE, the advancement of key projects such as Borouge 4, and globally, the development of a feasibility study for a speciality polyolefins complex in China, will significantly expand its global footprint.
Hazeem Sultan Al Suwaidi, chief executive officer of Borouge, said: “Borouge’s strong half-year dividend highlights the company’s excellent operational performance and strategic focus. Our peak levels of efficiency during the first half and rigorous cost management supported industry-leading Ebitda margins and strong cash generation.
“Growth initiatives such as Borouge 4, EU2, and our feasibility study for a planned speciality polyolefins complex in China, along with our ambitious AI programme, will significantly boost our production capacity, enhance productivity, safety, and sustainability, and unlock significant financial value. Our consistent robust performance enables us to maintain a substantial dividend and demonstrates our commitment to delivering long-term value to our shareholders.”
In the first half of 2024, Borouge achieved a 35 per cent increase in net profit reaching $581 million with an industry-leading 42 per cent Ebitda margin, underscoring the company’s ability to optimise costs and maintain a strong price premium in global markets, even under challenging conditions.
The Borouge 4 project, being built by Borouge on behalf of the project’s owners, Adnoc and Borealis, is now over 70 per cent complete. Once completed, it will increase annual production capacity by 28 per cent, contributing to approximately $1.9 billion in annual revenue.
Simultaneously, the upgrade of the second ethylene unit (EU2), scheduled for completion in 2028, will add approximately $250 million in annual revenue. Additionally, Borouge is expanding its global footprint through a strategic entry into China, with a feasibility study initiated for a planned plant in Fuzhou that would add 1.6 million tonnes per year to production capacity.
The international growth project, which is being pursued in collaboration with Chinese partner Wanhua Chemical, will reinforce Borouge’s market position and increase sales of its differentiated products in one of the world’s most dynamic markets.
The total number of Chinese visitors to the UAE stood at around 1.2 million in 2023
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