ADX-listed Borouge’s Q1-2023 revenues at $1.38b from better pricing, cost efficiency

ADX-listed Borouge’s Q1-2023 revenues at $1.38b from better pricing, cost efficiency

Dubai: The ADNOC joint venture Borouge has clocked revenues of $1.38 billion for the first quarter of 2023, gaining much from its ‘value enhancement program’ that created over $100 million in ‘revenue optimisation’. This focus on value gains should yield another $300 million this year. The petrochemicals company, listed on ADX, confirmed it is well on track to meet its dividend commitment of $1.3 billion for 2023 as against $975 million for last year. Net profit was $199 million, with lower sales volumes being 'partially offset by strengthening prices'. The Q1-23 revenues are higher from a year-on-year pespective, but from the fourth quarter 2022, it shows a decline. This, the company says, is principally due to the volume impact from the planned Borouge 2 'turnaround'. "The turnaround is part of Borouge’s regular plant maintenance schedule, which keeps the company’s asset base well-maintained and supports industry-leading asset reliability, and efficient and safe operations," said a statement. The capex increasing 8 per cent quarter-on-quarter, much of which wasin support of the Borouge 2 turnaround. "The turnaround of our Borouge 2 facility was successfully completed on time and on budget, returning our asset base to full production capacity from the second quarter onwards,"