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COMEX Global Technology Show 2024 Kicks off

HM The Sultan Arrives in Kuwait

Kuwaiti diplomat: Omani Sultan’s Kuwait visit indicative of strong ties

UAE President holds dinner banquet at Qasr Al Watan in honour of Sultan Haitham bin Tariq

UAE President receives Sultan of Oman upon arrival in UAE on state visit

Oman and UAE: Fraternal Bonds, Strategic Relations and Economic Partnership

OIA Announces Social Investment Policy, Launches “Qimam” Platform

POPS Supervisory Committee Holds First Meeting in 2024

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Bank Muscat Launches EAGLEs Programme: A Pioneering Leadership Engagement Across Branch Network

“Forging Tomorrow: A Global Imperative for Advanced AI Infrastructure”

“High-Paying Careers in Artificial Intelligence: Securing Your Future in the Evolving Job Market”

HM The Sultan Issues Two Royal Decrees

Unlocking New Horizons for Entrepreneurs: The Fourth Industrial Revolution

Royal Army of Oman Celebrates Passing Out of Officer Cadets, University Officers

HM The Sultan Offers Condolences on the Death of Kuwaiti Emir

HM The Sultan Gives Audience to Business People in India

HH Sayyid Theyazin Conveys HM The Sultan’s Greetings to Russian President

First Muscat Dialogue Sessions Begin

Oman and Switzerland Strengthen Bilateral Cooperation with Multiple Memoranda of Understanding

Empowering Coastal Women in Oman: “Mina” Project Unveiled

Information Minister Affirms Keenness to Strengthen Communication with International Media Institutions

“Oman’s Education and Innovation Drive: Sultan Haitham’s Vision”

UAE Space Agency launches National Space Academy to develop national cadres

HM The Sultan Presides over 8th Term Convening of Council of Oman

Selecting Topics Phase Launched of “Together we Make Progress” Forum

HM The Sultan Issues 2 Royal Decrees

Interior Minister visits Operations Chamber of Shura Council Elections

Omanis Cast Ballots for Shura Council’s 10th Term Membership

“Navigating Talent Challenges in Oman’s Telecom Sector”

“Bank Merger in Oman: A Human Resources Transformation Story”

Omantel’s 5G Excellence Recognized with “Samena Communications Award”

NHS scientist awarded £58,000 after being named ‘Paininarse’ on spreadsheet

‘Kill list’ | Mystery doc shows list of LinkedIn staff facing redundancy, days before HR announcement

HM The Sultan Receives Ambassadors’ Credentials

“Empowering Omani Women: A Message of Hope and Progress”

Mohammed bin Rashid opens GITEX GLOBAL

HH Sayyid Bilarab Chairs Meeting of Omani Startups’ Supervisory Committee

“Dhi Yazan bin Haitham Al Said Inaugurates Duqm Economic Forum “

Omani Woman: Clear Vision & Remarkable Achievements

“Strategies for Cultivating a Healthy and Productive Work Environment”

“Essential Reading for HR Professionals: 17 HR Books You Can’t Miss in 2023”

“Future-Proofing Your Career: Essential Skills for Tomorrow’s Job Market”

MAWARED annual book

Transformational Leadership: Inspiring Change and Achieving Excellence

“al sulaam Program (Episode four) with Dr. Aamal al bussaidi .”

“al sullam Program (Episode Two) with Dr. Ahmed Al-Ghusani.”

Nama Group and Omani Society for Human Resource Management (OSHRM) announce strategic partnership in Human Resources development

Saudi Oil Giant Aramco Announces $121 Billion Profit in 2023

Tender Board Signs Agreements with Karwa Motors on Government Procurement, School Bus Purchase

Najahi Business Banking from Bank Muscat: Empowering Small Businesses

His Majesty Exchanges Ramadan Greetings With Arab, Islamic Leaders

A’Rustaq Hospital Diagnoses Child with Gastric Wall Vein Bleeding

QCB Launches ‘FAWRAN’ Instant Payment Service

National Development Fund Partners with World Economic Forum

Qatar Chairs 49th Meeting of GCC Standing Committee for Combating Harmful Practices in International Trade

Saudi Arabia’s Air Connectivity Program Signs Deal with Eurowings to Enhance Air Connectivity between Saudi Arabia and the EU

HM King presented unique development model: Omani Ambassador

July 14, 2024

Borouge Q1 2024 net profit increases 37% YOY to $273 million

ABU DHABI,

Borouge Plc has reported a 37% year-on-year (YOY) increase in first-quarter net profit to $273 million on stronger pricing premia driven by a focus on high-value product segments and cost efficiencies.

The company continues to demonstrate a significant competitive advantage in key growth markets in Asia Pacific, the Middle East, and Africa thanks to its premium solutions suited to sectors such as infrastructure, energy, agriculture, speciality packaging, and healthcare.

As a result, the price premium for Borouge’s polyethylene widened to $222 per tonne, up 19% from the previous quarter, and the premium for polypropylene increased 46% on a quarterly basis to $162 per tonne.

In the first quarter, the overall cost base decreased 20% from a year earlier and 18% in the previous quarter to $739 million, supporting an improvement in Borouge’s industry-leading EBITDA margin to 44%, up from 40% in the fourth quarter. The company continues to take a highly disciplined approach to managing the cost base following the success of its Value Enhancement Programme in 2023, which exceeded targets and resulted in a positive impact of $607 million in 2023.

At the company’s Annual General Meeting on 28th March, Borouge reiterated its intention to maintain a $1.3 billion dividend in 2024. Equivalent to 15.88 fils per share, the dividend represents a current yield of 6.5%.

Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, commented, “Borouge continues to demonstrate industry leadership on a broad range of metrics, from profitability and price premia to operational excellence and efficiency. By achieving robust earnings in the face of difficult global market conditions, the company has proved remarkable resilience and agility. This provides us with confidence that Borouge will achieve continued success in the coming period.

“Our strategy remains focused on high value-add segments, maintaining strong customer relationships in the world’s fastest growing economies, and maximising geographic reach. This is backed by continuous product innovation and an unwavering commitment to excellence in all aspects of the business, from safety and optimal utilisation at our production facilities in Al Ruwais to the expansion of our international commercial network.”

He added that the Borouge 4 production facility is over 60% completed. The plant will raise annual capacity by 28% to 6.4 million tonnes and leverage a new generation of technology to elevate the company’s product profile. The company is also pursuing accelerated global growth prospects, including a significant opportunity in the Asia Pacific region that has reached the feasibility stage.

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