Abu Dhabi Borouge posts Q1 net profit of $199mln
Abu Dhabi-based polyolefin company Borouge posted its Q1 2023 net profit at $199 million, mostly in line with estimates, as strengthening product prices offset lower sales.
Refinitiv’s mean analysts’ estimate came in at $200.33 million.
Revenue in the quarter was $1.38 billion, the specialty chemicals company said in a bourse filing on Friday.
Borouge, a joint venture between Abu Dhabi National Oil Company (ADNOC) and Austrian chemical giant Borealis, made a net profit of $247 million in the previous quarter.
The company which listed on ADX in June 2022 after raising over $2 billion, reiterated its intent to pay $1.3 billion in shareholder dividends in 2023.
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