Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, will distribute an interim dividend of Dh2.38 billion ($650 million) for the first half of 2023, equivalent to 7.9 fils per share.
The interim dividend will be paid to shareholders who have purchased Borouge shares as of September 7, 2023, the company said in a filing on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded. Shareholders voted to approve the interim dividend of $650 million during a general annual meeting.
Borouge reiterated its plans to pay Dh4.8 billion in dividends for the fiscal year, the equivalent to 15.8 fils per share.
“We maintain strong cash conversion and a robust balance sheet position which enables us to deliver significant through-the-cycle dividends to our shareholders even in an overall challenging market environment,” said Borouge chief executive Hazeem Al Suwaidi.
Borouge reported a profit in the second-quarter.
Net profit attributable to shareholders of the company for the three-month to the end of June stood at $229 million, the company said in July. It reported a second-quarter revenue of $1.4 billion.
Tracking ahead of its full-year target of Dh1.5 billion, the company’s value enhancement programme delivered Dh929 million through improved efficiencies and revenue, significantly contributing to “mitigating external market pressure”, it said.
“Borouge continues to futureproof the company by unlocking new opportunities, optimising efficiency, driving growth, and delivering competitive dividends,” the company said.
In May last year, Borouge raised $2 billion through an initial public offering and was listed on the ADX. The IPO, which was about 42 times oversubscribed, was the largest listing in Abu Dhabi at the time.
After its listing, Borouge was included in the FTSE Global Equity Index Series, which investors use globally to guide asset allocation decisions and support portfolio construction.