Borouge plans 2.5% share buyback following profit increase

Borouge, a joint venture backed by ADNOC, plans to buy back up to 2.5% of its shares after reporting a 24% increase in net profit for 2024, reaching $1.24 billion. The buyback will follow ADX regulations and depend on market conditions. This announcement follows Borouge's successful stock market listing in May 2022. The company aims to enhance shareholder value and maintain a strong financial position, with a focus on its Borouge 4 expansion and other strategic initiatives. Additionally, ADNOC and OMV have confirmed plans to merge Borouge and Borealis into a new entity called Borouge Group International, aiming for growth in the polyolefins market.