Skip to content Skip to Search
Skip navigation

Borouge’s 2023 profit falls 29% on produce price drop

By Pramod Kumar
Borouge attributed the slide in profit in 2023 to a 16% decline in average selling prices 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.

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.

Latest articles

Investors at the Dubai Financial Market. Drake & Scull was suspended from trading in 2018

Drake & Scull losses narrow before return to trading

Dubai contractor Drake & Scull International has trimmed its losses in the first quarter of this year as it nears the end of a drawn-out capital restructuring process. The Dubai-based utilities and infrastructure engineering company said in a press release accompanying disclosures to the Dubai Financial Market (DFM) that revenue jumped 55 percent year on […]

Gas Pump, Machine, Pump

Adnoc Distribution to expand as earnings rise

Adnoc Distribution plans to open 15 to 20 more fuelling stations in 2024 after opening eight in the UAE, Saudi Arabia and Egypt in the year so far. The expansion increased fuel and non-fuel sales, driving revenue up by over 9 percent year on year to AED8.7 billion ($2.4 billion) in the three months to […]

Patrick Pouyanné, CEO of TotalEnergies, said last month that he expects the first phase of the project to be completed in 2025

Iraq forges ahead with plans for first big solar plant

Iraq is proceeding with its first large-scale solar plant, which will be constructed by France’s TotalEnergies. The 1GW plant will be built in Basra, southern Iraq, as part of a $27 billion investment agreement for an integrated project that includes four oil, gas and renewables facilities. According to reports it will supply clean electricity equivalent […]

Architecture, Building, Factory Parkin said total revenue rose 8 percent to AED215.3 million, supported by an increase in public parking revenue parking cars motoring

Q1 profits rise 5% at Dubai’s Parkin

The Dubai government’s parking management company Parkin reported a 5 percent increase year on year in net earnings for the first quarter of 202. This is despite the introduction of a 9 percent standard corporate tax from January this year. Net profit rose to AED103.7 million ($28.2 million) in January to the end of March, […]