What's Hot

    CGTN: China, Singapore upgrade relations for higher-quality cooperation

    April 1, 2023

    Koo Promises Lifetime Free Verification for all Notable Personalities

    March 31, 2023

    CMI Launches iSolutions Partner Ecosystem Alliance

    March 31, 2023
    Iran DispatchIran Dispatch
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • More
      • Sports
      • Technology
      • Travel
    Iran DispatchIran Dispatch
    Home » Bouroge announces 16.4 percent YoY revenue growth
    Business

    Bouroge announces 16.4 percent YoY revenue growth

    July 28, 2022
    Facebook Twitter Pinterest LinkedIn Tumblr Email

    In the first half of 2022, Borouge Plc, a petrochemical firm that produces innovative and differentiated polyolefin solutions, reported a 16.4% increase in revenue to $3,460 million versus the same period last year. This was driven by an 8.6% growth in sales volume and a 4.1% increase in average price per tonne. With its first earnings report as a public company, Borouge recorded a 1.7% increase in adjusted EBITDA to $1,512 million. In addition, it reported a 2.5% increase in net income to $853 million.

    Bouroge announces 16.4 percent YoY revenue growthThe company’s revenue grew 17.6% and adjusted EBITDA grew 35.5% from the prior quarter. Borouge’s overall production costs per tonne were lower this quarter due to optimized feedstock arrangements. Through the ramp-up of the new PP5 plant and the turnaround of Borouge 1 in Q1 (B1), Borouge increased overall production capacity by 6.9% year-over-year (YoY), contributing to an 8.6% YoY increase in sales.

    With an increasing proportion of products sold into the infrastructure solutions market, June 2022 saw the strongest sales volumes ever recorded. Borouge continued to achieve rewards above benchmark prices during H1 2022, with June being particularly strong due to the company’s differentiated product mix and ability to capture regional price opportunities. H1 of 2022 saw polypropylene premia of $283/tonne compared with $262/tonne in the same period last year, and polyethylene premia of $368/tonne compared with $264/tonne in H1 of 2021.

    As the new PP5 plant ramps up, Borouge generated significant cashflow in H1 2022, reflecting its higher profitability and lower capital expenditures. A strong 94% cash flow conversion was achieved. Borouge reiterates its commitment to pay $975 million in dividends to shareholders for FY 2022. In addition, it will pay at least $1.3 billion in dividends for FY 2023 based on the performance of its operations and market conditions.

    The Middle East’s largest petrochemical listing, as well as Abu Dhabi’s largest initial public offering, took place in June 2022 when Borouge commenced trading on the Abu Dhabi Securities Exchange. More retail demand than any UAE IPO in almost 20 years was recorded in the IPO, which was oversubscribed by almost 42 times across institutional and retail tranches. As a publicly traded company, the company’s results have been robust, proving that it has a strong proposition for investors.

    In the wake of its listing, Borouge was incorporated into FTSE Russell’s Global Equity Index Series, which investors use globally to inform their asset allocation decisions. Borouge’s inclusion in these key Indices is a major recognition of the company and underlines its relevance to institutional investors around the world.

    Related Posts

    With Trust International acquisition, Edge strengthens defence and technology portfolios

    March 27, 2023

    The third largest fish producer in the world, India accounts for 8 percent of global production

    March 25, 2023

    A gold price peak may be near – and it may last

    March 23, 2023

    Credit Suisse and UBS are in talks to merge – FT

    March 18, 2023
    Latest News

    Scotland cause major upset in their Euro 2024 qualifier by defeating Spain 2-0

    March 28, 2023

    Kolkata is now served daily by Etihad Airways

    March 27, 2023

    With Trust International acquisition, Edge strengthens defence and technology portfolios

    March 27, 2023

    Indian space program places 36 satellites in their intended orbits

    March 27, 2023

    The third largest fish producer in the world, India accounts for 8 percent of global production

    March 25, 2023

    Canadian legislature laughs after Biden accidentally applauds China

    March 25, 2023

    First A380 service to Bali to be launched by Emirates

    March 24, 2023

    An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House

    March 24, 2023
    © 2022 Iran Dispatch | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.