BOROUGE-

Adnoc petrochemicals JV Borouge saw its net income climb 15% y-o-y to USD 331 mn in 4Q 2024, according to its earnings release (pdf). Revenues rose 8% y-o-y to USD 1.6 bn during the period, as overall sales volumes increased 8% y-o-y to 1.5 mn tonnes.

On an annual basis, the company’s net income increased 24% y-o-y in 2024 to USD 1.2 bn, driven by record production and sales volumes, which reached 5.3 mn tonnes, on the back of strong customer relationships and expansion into high-growth markets in Asia, the Middle East, and Africa, the statement said. Meanwhile, revenues rose 4% y-o-y during the year to USD 6 bn.

Looking ahead: The company expects average selling prices to improve in 1Q 2025 from 4Q 2024, maintaining management guidance at USD 200 per tonne for polyethylene and USD 140 per tonne for polypropylene, the release said. Borouge will continue focusing on expanding into circular and durable value-added product segments. Meanwhile, preparations for the Borouge 3 planned maintenance are on track, with a 320-kilotonne impact expected in 2Q 2025.

Dividends: The company plans to distribute USD 1.3 bn in dividends in 2025 — similar to the previous year — representing a 6.3% current dividend yield, according to the earnings.

WATCH THIS SPACE- Bourge to tap into the Chinese market: Borouge is currently working with Wanrong New Materials (Fujian), a subsidiary controlled by China’s Wanhua Chemical, on the potential establishment of a specialized polyolefins production complex in China with an annual capacity of 1.6 mn tonnes, CEO Hazeem Sultan Al Suwaidi told Wam (watch, runtime: 06:01). Al Suwaidi identified China as a “key growth market,” driven by rising manufacturing demand for high-quality materials, and named Asia, Africa, and the Middle East as other priority regions for expansion.

Borouge is also focusing on AI and digital integration to boost operational efficiency and productivity and reduce emissions, Al Suwaidi said. The company’s AI-driven initiatives generated over AED 2 bn in 2024.

MULTIPLY GROUP-

Abu Dhabi-based investment firm Multiply Group’s bottom line fell 65.8% y-o-y to AED 189 mn in 2024, according to its latest financials (pdf). Excluding fair value charges, the company’s net income came in at AED 1 bn, up 7.1%. The firm's revenues rose 56.2% y-o-y to AED 2 bn. Multiply’s Group CEO Samia Bouazza credited the top-line growth to “double-digit organic growth across all verticals,” fueled by acquisitions and operational efficiencies, according to the company’s earnings release (pdf).

REMEMBER- Multiply group’s subsidiary Emirates Driving Company acquired a 51% stake in Excellence Premier Investment in July 2024. The company’s beauty unit, Omorfia Group also, fully acquired UAE-based beauty services provider Grooming Company Holding in June 2024. It also acquired 100% of digital advertising company BackLite Media for an undisclosed sum back in February 2024.

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