Industry Borouge’s 2023 profit falls 29% on produce price drop By Pramod Kumar February 1, 2024, 7:10 AM Wam Borouge attributed the slide in profit in 2023 to a 16% decline in average selling prices Abu Dhabi-listed petrochemicals major Borouge said net profit fell 29 percent to $1 billion in 2023 from $1.41 billion in 2022. The slide in profit was attributed to a 16 percent decline in average selling prices as global polyolefins demand reduced from peak levels in 2022. This was partially offset by a one percent increase in sales volumes to 5.1 million tonnes. Market cap of top 16 UAE-listed companies hit $591bn Borouge secures two new $15m contracts from UAE firms Borouge profit down 50% as merger talks continue Full-year revenue reached $5.8 billion, a decline of 14 percent from $6.7 billion. Net profit in the fourth quarter increased 16 percent year on year to $288 million, supported by significant contributions from the value enhancement programme. Fourth quarter revenue reached $1.5 billion, down six percent year on year on weaker global demand. The strategic Borouge 4 project is progressing well, said Borouge CEO Hazeem Sultan Al Suwaidi, adding that the company will target high-growth segments and develop sustainable solutions. The petrochemicals major plans to pay $1.3 billion in cash dividends for 2024. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
