Abu Dhabi – Mubasher: Borouge recorded net profits worth $1.16 billion in the first nine months (9M) of 2022, down from $1.22 billion in the year-ago period, according to the financial results.

Revenues reached $5.13 billion during January-September 2022, an annual hike of 13.50% from $4.52 billion. The basic and diluted earnings per share (EPS) stood at $0.04 in 9M-22, unchanged from 9M-21.

During the third quarter (Q3) of 2022, the company’s net profits plummeted to $308 million from $397 million in Q3-21, while the revenues grew by 8% to $1.67 billion from $1.55 billion.

Meanwhile, the basic and diluted EPS settled at $0.01 in Q3-22, the same value in the year-ago period.

On a quarterly basis, the Q3-22 net profits dropped from $490 million in Q2-22, whereas the revenues fell from $1.87 billion.

The basic and diluted EPS in Q3-22 declined from $0.02 in the April-June 2022 period.

Hazeem Sultan Al Suwaidi, CEO of Borouge, commented: “Our infrastructure solutions continue to grow their share of our end product market, accounting for 46% in Q3 and remain a priority as we differentiate our offering from global peers.”

Last October, the petrochemical firm paid out a total of $325 million (AED 1.20 billion) as cash dividends for the first half (H1) of 2022.