Borouge approves $325m interim dividend for 2022

Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, will pay an interim dividend of $325 million to its shareholders after the company posted a strong profit in the first half of the year on the back of higher revenue.

The total interim dividend payment, amounting to 3.97 fils per share for the year 2022, was approved during the company’s general assembly meeting, the company said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded. This is the first payment of the expected total dividend of $975m for the full year.

“Borouge reported strong maiden half-year results with double-digit growth in revenue, significant sales volume growth and strong cash flow generation,” said Hazeem Al Suwaidi, chief executive of Borouge.

BOROUGE, ABU DHABI, AFRICA, MIDDLE EAST

“We are optimistic regarding the future growth of the company and we will continue to focus on executing our strategy built around our differentiated products and innovative solutions that have a positive impact on society.”

READ MORE : https://www.thenationalnews.com/business/markets/2022/09/23/borouge-approves-325m-interim-dividend-for-2022/

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