Borouge reported a net profit of $191 million for the second quarter of 2026, a 23% increase quarter on quarter, despite operating under reduced production following the April 5 incident at its Ruwais production facilities. The Abu Dhabi-based petrochemicals producer announced the results on 31 July, confirming its commitment to a minimum annual dividend of 16.2 fils per share for 2026, subject to shareholder approval.
Revenue increased to $1.4 billion, compared with $1.2 billion in the previous quarter, while adjusted EBITDA rose to $401 million from $343 million. Sales volumes reached 0.9 million tonnes, exceeding production of 0.7 million tonnes through inventory management and alternative logistics arrangements. The company said average realised selling prices increased by 53% quarter on quarter as global polyolefin supply tightened, although higher freight, logistics and feedstock costs affected margins.
Chief Executive Officer Hazeem Sultan Al Suwaidi said: “The swift and coordinated response enabled us to implement effective alternative logistics routes, ensuring we shipped all volumes produced, supplemented by additional volumes from inventory, during the quarter, without dependency on the Strait of Hormuz.”
Borouge restored full production availability at its Ruwais facilities by the end of June, ahead of schedule. The company expects higher utilisation rates during the second half of 2026, subject to feedstock availability. It also reported progress on the Borouge 4 expansion project, with the Cross-Linked Polyethylene plant entering commercial operation and adding 100,000 tonnes of annual capacity. The wider Borouge 4 project is expected to increase the company’s production capacity by 1.4 million tonnes when completed.