Borouge delivers strong 2022 results

Borouge delivers strong 2022 results

Strong 15% growth in sales volumes for the year resulting in 8% revenue growth

Announces $400 million value enhancement programme to drive sustainable growth, focused on high-impact cost efficiency and revenue optimisation initiatives

Board mandates company to explore international growth opportunities

Reiterates commitment to pay $975 million in post-IPO dividends for 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 announced its financial results for the twelve-month and three-month periods ended 31 December 2022, with strong year-on-year growth in sales volumes driving healthy revenue growth.

Highlights for the twelve months to 31 December 2022: Borouge reported revenue of $6.7 billion, increasing by 8.2% versus 2021. The increase in revenue over the twelve-month period was driven by a 14.9% increase in total polyolefin sales volumes. Overall production capacity grew by 10% year-on-year, in support of increasing volumes, with the successfully completed ramp-up of Borouge’s PP5 unit adding significant production capacity of 500 kilo tonnes per annum, bringing more differentiated grades into the production mix and supporting premium production. Adjusted EBITDA for the full-year period stood at $2.6