ADNOC JV Borouge’s 2022 revenues at $6.7b, helped by production increases, higher demand

ADNOC JV Borouge’s 2022 revenues at $6.7b, helped by production increases, higher demand

Dubai: The ADNOC joint venture Borouge generated $6.7 billion in 2022 revenues, from an 8.2 per cent year-on-year increase from favourable pricing for its speciality products and increased production capacity. Net profit totalled $1.4 billion, which the ADX-listed firm said is ‘in line with market expectations and holding up well’ in a challenging marketplace. For 2021, the tally was $1.52 billion. Borouge is committed to pay $975 million in post-IPO dividends for 2022, and 'at least' $1.3 billion for 2023. There was an interim dividend payout of $325 million made in October last. (It was in June last that Borouge, in which Borealis is the other shareholder, completed a and the biggest to date on the ADX.) “As we look ahead to 2023 and beyond, we will continue to execute on our commitment to organic growth, as well as explore new opportunities for expansion in the UAE and internationally, where they complement our long-term growth strategy and reinforce our position as a world-leading polyolefins producer,” said Hazeem Sultan Al Suwaidi, CEO. Focus will be on geographies and markets that support Borouge's existing strategic priorities. Overall production capacity grew 10 pe rcent year-on-year, with the ramp-up of Borouge’s PP5 unit adding