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Borouge profit rises on high-value product sales

A researcher at a Borouge innovation centre. The company plans to pay a $1.3 billion dividend in 2025 Borouge
A researcher at a Borouge innovation centre. The company plans to pay a $1.3 billion dividend in 2025

The net earnings of Borouge, Abu Dhabi’s listed petrochemicals company, jumped 24 percent year on year to $1.2 billion in 2024, supported by record production and sales volumes.

Annual revenue rose 4 percent to $6 billion, while total costs improved by 2 percent.

The high-value infrastructure services segment accounted for 40 percent of total sales volume. Asia Pacific remained the top destination for sales.

Fourth-quarter net profit increased 15 percent to $331 million.

Sales volumes rose but total production remained flat.  

The board reaffirmed plans to distribute a final dividend of 7.94 fils per share in April 2025, bringing the 2024 dividend payout to $1.3 billion. The company has distributed almost $3 billion in dividends since its initial public offering in 2022.

The Borouge 4 project, developed for Adnoc and Borealis, is hoped to increase the company’s production capacity by 28 percent and generate annual revenue of up to almost $2 billion.  

“The Borouge 4 strategic expansion project will transform the scale of production by almost a third and enhance our innovation capabilities, driving sales growth in our major markets,” said CEO Hazeem Al Suwaidi.