"Porridge" It announces the distribution of final profits of 2.4 billion dirhams for the year 2024

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Abu Dhabi, April 8/ WAM/ The BBLC company announced its shareholders ’approval to pay the final profit distributions for 2024 and the re -purchase of 2.5% of its shares, during the annual general assembly meeting, which witnessed an actual presence of more than 250 contributors from individual investors, institutions and analysts.

This came after the announcement of the establishment of the “Bruges International Group”, which will become a leading global company in the production of poly Oilin with a value of 220 billion dirhams (60 billion dollars).

His Excellency Dr. Sultan Ahmed Al -Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of Adenk and its group of companies, and Chairman of the Board of Directors of “Buruj”, affirmed the firm commitment to “Buruj” to achieve great returns for shareholders.

He said that in conjunction with the stage of the qualitative growth in Buruj, the Bruges International Group will become one of the largest petrochemical companies in the world in terms of production, flexibility and innovation, as Buruj intends to raise its profits to at least 16.2 fils per share in 2025, to form the approved basis for the distributions of profits of Bruges International Group International until 2030.

He added that based on the price of the current share of Borouj Company, these distributions achieve a cumulative return of no less than 40% during the period between 2025 and 2030, which is the highest in the state, pointing out that these steps confirm the keenness of both ‘ADNOC’ and the ‘or MV to establish a giant entity that enjoys a broader presence and better capabilities, and focuses on continuing growth while providing attractive returns that exceed the aspirations of shareholders And exceeds the expectations of investors.

The Bruges International Group will contribute, after the merger between the Buruj and Burialis and the acquisition of the “Nova Chemical Company”, to providing strong profits and achieving significant growth in the production capacity to 13.6 million tons, equivalent to three times the current production capacity of the company.

On the sidelines of the annual meeting of the Public Association of “Buruj”, His Excellency Dr. Sultan Ahmed Al -Jaber participated in a discussion session with the participation of shareholders, analysts and potential investors, as the future growth and expansion strategies that the company planned to implement were reviewed.

During the annual meeting of its public association, the “Bruges” shareholders agreed to distribute final profits for 2024 at a value of 2.4 billion dirhams (650 million dollars), equivalent to 7.94 fils per share, bringing the total annual profits distributed to 4.8 billion dirhams (1.3 billion dollars), equivalent to 15.88 fils per share.

April 15, 2025 will be the last day for shareholders to qualify for profit distributions, with the actual distribution on April 28, 2025.

The “ADNOC” and “OMV” companies, as the main shareholders in the “Bruges International Group” through the new entity, announced their intention to provide attractive profits of more than 8 billion dirhams (2.2 billion dollars) after completing the deal, or at least 16.2 fils per share annually, during the period from 2026 to 2030.

The General Assembly of the company also approved the re -purchase program up to 2.5% of its existing shares through open market transactions, according to the market conditions and after obtaining the approvals of the regulators.

The process of rebuilding shares confirms the company’s strong confidence in future growth prospects and the large rise capabilities that exceed the current share price.

With the establishment of the “Bruges International Group” expected to be completed during the first quarter of 2026, investors will reap the fruits of future profits growth, which is expected to be reflected directly in the increase in profit distributions, supported by the company’s intention to maintain a distribution rate of 90% of net income until 2030.

The profit distributions are supported by a strong public budget, high profitability levels, and the great free cash flow, as well as strong support from ‘ADNOC’ and ‘AMV’ as contributing to the majority of the company.

The company’s expected inclusion in the “Morgan Stanley” global indicators for emerging markets will attract more investment requests on the stock at up to 1.47 billion dirhams (400 million dollars) and thus enhance liquidity levels on the stock.

It is expected that the cash profits of the share in the “Bruges International Group” will grow at least 30% during the next three years, with the expectation of the increase in profits before deducting interest, taxes, destruction and consumption to reach 25.7 billion dirhams (7 billion dollars), supported by the completion of financing the majority of expansion projects that are nearing completion.

The strategic “Bruges 4” project will be transferred to the “Bruges International Group” at the cost price, which achieves a great value for the shareholders.

After entering the full operation, “Borouge 4” will contribute to adding 1.4 million tons annually to the company’s production capacity, and will also contribute to enabling the company to achieve 3.3 billion dirhams (900 million dollars) of annual profits before deducting interest, taxes, depreciation and consumption in the usual business conditions.