Abu Dhabi’s ADNOC JV Borouge announced that its board has given approval for an interim dividend amounting to $650M. Shareholders are expected to confirm this dividend during the second half of the year. Additionally, the company restated its commitment to pay a total of $1.3B in dividends for the year 2023.
The announcement followed the petrochemical company’s release of its financial results for the three- and six-month periods ending on June 30, 2023. The results showed a 19.1 per cent decrease in first-half revenues, amounting to $2.8B.
During the first half of 2023, ADNOC JV Borouge experienced a 35 per cent decline in adjusted EBITDA, amounting to $978M, and a 50 per cent decrease in net profit, reaching $431M. The company attributed these declines to the lower average selling prices observed during this period.
However, amidst the challenging market conditions, the Company’s Value Enhancement Programme played a crucial role as a positive factor. This program contributed significantly to the company’s performance, resulting in an impact of $253 million through efficiency improvements and revenue optimization year to date. It effectively helped the company navigate through external market pressures.
Despite the challenges faced, the sales volumes in the first half of 2023 managed to grow by 1.5 per cent year-on-year, reaching a total of 2.4 million metric tonnes.
