The profit of the UAE’s “Borouge” decreased by 6% to 4.26 billion dirhams in 9 months

Borouge plc “Borouge”, listed on the Abu Dhabi Securities Exchange, today announced its financial results for the first nine months of questyear and the third quarter ended September 30, 2022.

The company explained in a statement that its profits fell 6% to $ 1.16 billion (about AED 4.26 billion) by the end of the first nine months of 2022, compared to profits of $ 1.23 billion (equivalent to 4.51 billion dirhams) made in the same period last year.

Borouge added that it achieved a 13.5% increase in revenue to reach $ 5.13 billion for the nine-month period ending September 30, 2022, compared to the same period a year earlier, thanks to total volume growth. of sales by 11.9%. including an increase in sales volume Polypropylene 14.7%.

This period saw a 7.9% year-on-year growth in the company’s total production capacity following the completion of the operation of the new fifth polypropylene production unit at full capacity.

During the third quarter of the year, Borouge achieved adjusted EBITDA of $ 593 million (AED 2.17 billion) and net income of $ 308 million (AED 1.13 billion).

The company confirmed its commitment to pay $ 975 million in dividends to shareholders for fiscal year 2022 and at least $ 1.3 billion for fiscal year 2023.

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