Creation of Borouge Group International to deliver substantial growth and shareholder value supported by strong balance sheet and profitability

The new entity intends to offer an attractive estimated total dividend of $2.2 billion post closing of the transaction, equivalent to a minimum of 16.2 fils per share dividend, annually from 2026 to 2030. 

Borouge and Borouge Group International dividends represent a 6.7% annual yield at current share price, corresponding to a 40% minimum cumulative dividend return from 2025 to 2030

Borouge Group International targets MSCI inclusion, which is expected to drive up to $400 million of index demand, further enhancing stock liquidity

Strong earnings and dividend growth underpinned by new entity’s expected annual synergies of $500 million and expansion projects

Borouge Group International’s EBITDA is expected to grow substantially to $7 billion, supporting earning per share growth of up to 30% over 3–5 years

Abu Dhabi, UAE – Borouge Plc shareholders have approved a final 2024 dividend and 2.5% share buyback programme at their Annual General Meeting (AGM). Borouge’s Chairman, H.E. Dr. Sultan Al Jaber, reaffirmed the company’s commitment to delivering substantial shareholder returns in front of more than 250 retail and institutional shareholders, investors, and analysts, following the recent announcement of Borouge Group International, a $60 billion global polyolefins leader.

Borouge Group International, the proposed combination of Borouge and Borealis, and the acquisition of Nova Chemicals, has been designed to deliver consistently strong dividends and significant near-term growth, and will have a production capacity of 13.6 million tonnes – nearly tripling Borouge’s current capacity.

H.E. Dr. Sultan Al Jaber, Chairman of Borouge, commented: "As we embark on a new era of transformative growth, Borouge Group International will be a global petrochemical powerhouse — combining scale, resilience and innovation. In 2025 Borouge intends to increase its dividend to at least 16.2 fils per share, which will serve as the minimum payout for Borouge Group International through to 2030. At the current Borouge share price, this would give investors a 40% minimum cumulative dividend return from 2025 to 2030, the highest in the UAE. Simply put, ADNOC and OMV are building a bigger, stronger, growth-orientated company that is focussed on delivering superior total shareholder returns to our investors.”

Commitment to attractive and growing dividend plus share buyback

Borouge shareholders approved a $650 million (7.94 fils per share) final dividend for 2024 at the AGM, bringing the total annual payout to $1.3 billion (15.88 fils per share). The last day for shareholders to be eligible for the dividend is 15 April 2025, with distribution on 28 April 2025.

In addition, ADNOC and OMV, as the main shareholders in Borouge Group International, have announced their intention, post closing of the transaction, to offer an attractive estimated total dividend of $2.2 billion, equivalent to a minimum of 16.2 fils per share dividend, annually from 2026 to 2030.

The AGM also approved a share buyback of up to 2.5% of outstanding shares via open-market transactions, subject to market conditions and regulatory approvals. The buyback reflects the company’s strong confidence in its future prospects and the significant upside potential beyond the current share price.

With the creation of Borouge Group International, expected in the first quarter of 2026, investors in the new entity are expected to benefit from future earnings growth that is set to translate directly into higher dividend payments. This will be supported by the company’s intention to a 90% net income payout ratio through to 2030. The dividend will be supported by a strong balance sheet, resilient profitability, substantial free cash flow generation and the backing of its majority shareholders, global energy leaders ADNOC and OMV.

Furthermore, anticipated inclusion in MSCI indices could generate up to $400 million of index demand, further enhancing stock liquidity.

Visible, near-term growth and shareholder value creation

Cash earnings per share at Borouge Group International are expected to grow up to 30% over the next three to five years, with EBITDA projected to rise to $7 billion.

Importantly, the majority of near-term expansion projects have already been funded and are nearing completion. Notably, the Borouge 4 mega project would be transferred to Borouge Group International at cost, unlocking substantial value for shareholders. Once fully operational, the plant will add 1.4 million tonnes per annum of additional capacity and is expected to contribute approximately $900 million in annual EBITDA through a typical business cycle.

The expected trajectory of EBITDA growth and the resulting earnings per share accretion, combined with Borouge's current valuation metrics, including EV/EBITDA and P/E multiples, provides a clear pathway for share price accretion.

In recent years, the three entities have achieved $1 billion of cost savings and profitability enhancements, with $607 million coming from Borouge. Looking ahead, Borouge Group International is expected to deliver around $500 million synergies per annum, with 75% to be realised within the first three years. The new entity is also targeting significant value creation through the synchronised deployment of growth capital expenditure.

Strong business model delivering competitive advantage

Borouge Group International will have enhanced access to major global growth markets, capitalising on strong long-term demand trends. Its diversified geographic footprint and broadened product suite will strengthen resilience and reduce exposure to regional market fluctuations.

Through the new entity, production capacity is set to increase almost threefold from 5 million tonnes to 13.6 million tonnes per annum — enabling the production of a wider range of premium polyolefin products. Proprietary technologies will underpin the delivery of a high margin, differentiated portfolio. The combined platform will also consolidate and optimise sales, distribution, and innovation across key regions, enhancing market reach and efficiency.

Additionally, Borouge Group International will benefit from relative feedstock cost advantages, particularly in the UAE, United States, and Canada.

The creation of Borouge Group International is being pursued at a low point in the polyolefin business cycle and will unlock value creation opportunities in a sector that serves key growth industries including energy and infrastructure, healthcare and agriculture.

Key dates

General Assembly approval  

7 April 2025

​Last entitlement date (last day to purchase)  

15 April 2025  

Ex-dividend date  

16 April 2025

Record date  

17 April 2025

Dividend payment  

28 April 2025

About Borouge Plc

Borouge Plc, listed on the Abu Dhabi Securities Exchange (ADX symbol: BOROUGE / ISIN AEE01072B225), is a leading petrochemicals company that provides innovative and differentiated polyolefin solutions for the infrastructure, energy, mobility, healthcare, agriculture and advanced packaging industries. Borouge employs more than 3,100 people and serves customers in 86 countries across Asia, the Middle East and Africa.

Founded in 1998 through a strategic partnership between ADNOC and Borealis, Borouge was formed to build and operate a polyolefins complex in Al Ruwais Industrial City, United Arab Emirates, which today is one of the world’s largest integrated polyolefin complexes. ADNOC owns a majority 54% stake and Borealis holds a 36% stake in Borouge.

To find out more, visit: borouge.com

For further information, please contact:
Rehab Ateeq
VP, Global Communications
Media@borouge.com

Samar Khan
VP, Investor Relations
IR@borouge.com