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Abu Dhabi-based petrochemical company Borouge reported revenue for the nine months ended September 30, 2022, rose 13.5% from the previous year to $5.13 billion.
The increase in revenue was driven by an 11.9% increase in total volumes, with polypropylene (PP) volumes up 14.7%.
We are pleased with our strong performance in the nine months to September 2022, driven by strong growth in volume and revenue. This is testament to our leading market position.#borouge pic.twitter.com/WuIMQvtOjk
— Borouge (@Borouge) October 28, 2022
With the completion of the expansion of the PP5 plant, production capacity increased by 7.9% year-on-year. Adjusted EBITDA fell 3.6% to $2.1 billion due to higher global logistics and material costs, the company said in a statement.
The company’s revenue for the three months ended Sept. 30 rose 8% year over year to $1.67 billion, driven by higher volumes. Total sales for the three months increased by 18.1% yoy to 1,341 kt.
In the third quarter, Borouge achieved adjusted EBITDA of $593 million and a profit of $308 million.
Borouge CEO Hazeem Sultan Al Suwaidi said: “We are delighted to report our third quarter and nine-month results, with a strong year-to-date performance in both revenue and volume across our business.”
“Our infrastructure solutions continue to grow in our end product market share, accounting for 46% in the third quarter, and remain our top priority as we differentiate our offerings from our global peers.”
Borouge said it will pay shareholders $975 million in dividends in fiscal 2022 and at least $1.3 billion in fiscal 2023. In October 2022, the company paid an interim dividend of $325 million, equivalent to 3.97 Phils per share. Following the listing, Borouge was included in the FTSE Global Equity Index Series.
read: Borouge’s $2 billion Abu Dhabi IPO attracts $83 billion in orders
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