Abu Dhabi's Borouge sees Q2 profit drop 53% on lower revenue
Abu Dhabi-based specialty chemicals company Borouge Plc said net profit for the second quarter of 2023 declined 53% to $231 million from $490 million a year ago due to a fall in average sales prices.
Total revenue fell 25% to $1.41 billion in the April to June period from $1.87 billion a year earlier, it said on Friday in a regulatory filing on the Abu Dhabi Securities Exchange where its shares trade.
Average selling prices of polyethylene dropped to 23.2% year-on-year (YoY) $1,166 per tonne, while polypropylene prices fell 27% YoY to $1,041 per tonne in Q2 2023.
Borouge’s board endorsed a $650 million interim dividend for the first half and affirmed a total dividend payout of $1.3 billion for 2023.
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