Buruj agrees to distribute large dividends amid robust growth
(MENAFN) Buruj PLC, a prominent player in the petrochemicals sector renowned for its innovative polyolefin solutions, has announced a notable interim cash dividend for the first half of 2024. At its Annual General Meeting on August 30, the company revealed that shareholders had approved a dividend payment of AED 2.4 billion, approximately USD650 million, which translates to 7.94 fils per share. This interim dividend reflects an impressive annual return of 6.3 percent. Additionally, Buruj confirmed its plan to distribute a total of AED 4.8 billion, or USD1.3 billion, in dividends for the entire year, underscoring its commitment to delivering substantial returns to its shareholders following a period of exceptional profit growth.
The first half of 2024 has been marked by significant progress and growth for Buruj, driven by strategic initiatives both domestically and globally. The company has advanced key projects such as the Buruj 4 expansion in the UAE and is also exploring opportunities abroad, including a feasibility study for a new polyolefin complex in China. These developments are set to broaden Buruj’s international presence and enhance its market position. The company’s focus on cutting-edge technologies and innovation continues to fuel strong sales performance and reinforce its leading status in the industry.
CEO Hazem Sultan Al Suwaidi highlighted that the robust half-year dividend is a testament to Buruj’s strong operational performance and strategic direction. He noted that the company’s disciplined cost management and efficiency have resulted in industry-leading EBITDA margins and strong cash flow. Future growth initiatives, including the expansion of Buruj 4, the second ethylene unit, and the ongoing feasibility study in China, along with an ambitious AI program, are expected to significantly boost production capacity, productivity, and sustainability. This ongoing performance affirms Buruj’s dedication to maintaining strong dividends and delivering long-term value to its shareholders.
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