Hazeem Sultan Al-Suwaidi, CEO of Borouge Petrochemical Company, said that Borouge’s results in the first quarter of this year were affected by the decrease in production volume, as a result of the planned comprehensive periodic maintenance work, which was fully completed and the factories returned to work at their full production capacity.
Al-Suwaidi added, in an interview with Al-Arabiya, today, Friday, that there is an improvement in product prices and an increase in demand for the company’s products.
The managing director expected stable growth in demand, especially in China and the Middle East, while searching for new growth opportunities through international expansion.
He continued, “We are working to explore opportunities for growth through international expansion and are ready for all real opportunities that add value to the company and complement the growth plans.”
He explained that “Borouge” focuses on the geographical markets that serve the strategic direction of the company, referring to the announced main project, “Borouge 4”, which is planned to start production by the end of 2025, and adds 1.4 million tons, equivalent to about 30% of the new production capacity, and work is progressing in it. according to his plan.
He said that the company’s focus is on the markets of North Asia, the Middle East and the Indian subcontinent during the next stage, stressing that expansion through acquisition is possible in these markets.
Borouge’s profits declined by 45% in the first quarter of this year, to record 730 million dirhams, in line with analysts’ expectations. The company’s revenues declined by 13% to 5 billion dirhams.
In another context, Borouge confirmed its commitment to distributing cash dividends for the year 2023, with a total amount of 4.8 billion dirhams.
Thus, the total dividend distribution for the year 2022 after the public offering is about 3.6 billion dirhams.