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  • UAE Flag
    FIRST LOOK NOTES
    06 May 2025
    Borouge PLC
    BUY
    AED 2.57
    AED 2.95
    +14.79%

    UAE Equity Research - Borouge PLC 1Q25 - First Look Note

    PE sales volume rose 8% YOY to 740 thousand tonnes, and PP sales volume surged 13% YOY to 506 thousand tonnes in 1Q25. The Company exhibited a utilization rate of 101% for PE and 98% for PP in 1Q25.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    01 May 2025
    Borouge PLC
    BUY
    AED 2.58
    AED 2.95
    +14.34%

    UAE Equity Research - Borouge PLC 1Q25 - Earnings Call Insight

    Borouge's revenue grew 9.0% YOY to USD 1.4 Bn in 1Q25, owing to a 10.0% YOY growth in total sales volume, partially offset by a 4.0% YOY decline in average PE selling price. Direct cost rose 15.9% YOY to USD 846 Mn in 1Q25 owing to an increase in sales volumes.
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  • UAE Flag
    FIRST LOOK NOTES
    30 Apr 2025
    Borouge PLC
    BUY
    AED 2.57
    AED 2.95
    +14.79%

    UAE Equity Research - Borouge PLC 1Q25 - Earnings Flash

    Net profit rose to $281 Mn in 1Q25, a 3% increase from $273 Mn in 1Q24, driven by higher production volumes (up 7% YoY) and record monthly production in March.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    05 Mar 2025
    Borouge PLC
    BUY
    AED 2.50
    AED 2.95
    +18.00%

    UAE Equity Research - Borouge PLC 4Q24 - M&A Insight

    ADNOC and OMV have established a binding framework agreement that details the merger of Borouge Plc (Borouge) and Borealis AG (Borealis) to create a new organization called Borouge Group International, positioning it as a prominent global player in polyolefins.
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  • UAE Flag
    FIRST LOOK NOTES
    07 Feb 2025
    Borouge PLC
    BUY
    AED 2.53
    AED 2.95
    +16.60%

    UAE Equity Research - Borouge PLC 4Q24 - First Look Note

    Borouge’s PE sales volume rose 10% YOY to 823 thousand tonnes and PP sales volume surged 5% YOY to 640 thousand tonnes in 4Q24. The Company exhibited a utilization rate of 113% for PE and 98% for PP in 4Q24.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    05 Feb 2025
    Borouge PLC
    BUY
    AED 2.57
    AED 2.95
    +14.79%

    UAE Equity Research - Borouge PLC 4Q24 - Earnings Call Insight

    Borouge’s revenue grew 8.3% YOY to USD 1.6 Bn in 4Q24, owing to an 8% growth in total sales volume coupled with a marginal increase of 1% in average selling prices. Direct cost rose 8.1% YOY to USD 972 Mn in 4Q24 owing to higher volumes.
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  • UAE Flag
    FIRST LOOK NOTES
    07 Nov 2024
    Borouge PLC
    BUY
    AED 2.53
    AED 2.95
    +16.60%

    UAE Equity Research - Borouge PLC 3Q24 - First Look Note

    • Management expects its premium over the benchmark prices to stay c. USD 200 per tonne for PE and c. USD 140 per tonne for PP in the upcoming period. Utilization of PE and PP stood at 106% and 109% in 3Q24, while the OCU plant will be utilized at a higher capacity rate. The planned maintenance of Borouge 3 in 2Q25 is expected to impact production capacity by 320 thousand tonnes.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Oct 2024
    Borouge PLC
    BUY
    AED 2.41
    AED 2.95
    +22.41%

    Strong growth in sales and production volume supported profitability

    Management expects its premium over the benchmark prices to stay c. USD 200 per tonne for PE and c. USD 140 per tonne for PP in the upcoming period.
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  • UAE Flag
    FIRST LOOK NOTES
    08 May 2024
    Borouge PLC
    BUY
    AED 2.46
    AED 2.95
    +19.92%

    A substantial decline in direct cost boosted profitability

    Borouge Plc (Borouge/the company) net profit rose 36.8% YOY to USD 271 Mn in 1Q24, higher than our estimate of USD 215 Mn.
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