Borouge announces strong H1 2022 financial results with revenue growth of 16.4% year-on-year

Borouge announces strong H1 2022 financial results with revenue growth of 16.4% year-on-year

- Premia over benchmark prices grew significantly, demonstrating demand for differentiated products in infrastructure and consumer solutions

- Strong maiden results as a listed company support commitment to pay $975 million in dividends to shareholders for FY 2022, and at least $1.3 billion for FY 2023

Abu Dhabi, United Arab Emirates: Borouge Plc (“Borouge” or “the Company”) (ADX symbol: BOROUGE / ISIN: AEE01072B225), a leading petrochemical company that provides innovative and differentiated polyolefin solutions, today announces strong financial results for the first six months of 2022.

In its first earnings as a listed company, Borouge reported a 16.4% increase in revenue to $3,460 million for H1 2022, versus the same period last year, driven by sales volume growth of 8.6% and average price per tonne growth of 4.1%. Adjusted EBITDA increased 1.7% to $1,512 million whilst net income increased 2.5% to $853 million. Second quarter revenue grew by 17.6% whilst adjusted EBITDA grew by 35.5 % compared to the prior quarter. This was achieved despite higher underlying feedstock prices as Borouge was able to optimise feedstock arrangements to lower overall production costs per tonne compared with the previous quarter.

In the first half of 2022, Borouge saw overall production capacity growth of 6.9% year-on-year