The UAE petrochemical company, Borouge, recorded a 14% decline in profits for the first quarter of 2022, to reach about $360 million.
According to Arabiya Net, the company attributed the decline in its profits to a decrease in the profit margin to 45%, compared to 48%, in the corresponding period of last year, as a result of higher direct costs. More than the increase in revenue, selling and distribution costs increased by 62%, to reach $175 million.
Selling and distribution costs increased by 62% to $174 million, compared to $107.5 million during the same quarter of the previous year.
The net financing costs also increased to $12.2 million compared to $1.4 million during the corresponding quarter of last year, in addition to recording a provision for impairment in property, plant and equipment value of $2.3 Million dollars for nothing during the first quarter of 2021.
The public offering of the shares of Borouge Petrochemical Company will start in Abu Dhabi, tomorrow, Monday, as the company will offer 3 billion shares for public subscription, representing 10% of its capital.
