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Wood & Co. Financial Services on Thursday lowered the price target for petrochemicals company Borouge (ADX:BOROUGE) to 3.01 Emirati dirhams from 3.10 dirhams, while keeping its buy rating.
Stock trading in the United Arab Emirates struggled to find direction on Friday as Abu Dhabi's FTSE ADX General Index declined 0.707%, while Dubai's DFM General Index gained 0.291% at closing.Following US President Donald Trump's threats to intensify economic pressure on Iran and nations that continue to do business with the Middle Eastern country, US Treasury Secretary Scott Bessent said that the details of these US measures would be revealed next week.Meanwhile, Iranian military Chief Ali Abdollahi said that any response to military threats would be "crushing" and "devastating.""In his CNBC interview yesterday, Bessent also said that oil markets were 'misinterpreting' what this economic pressure means, and that he would hold a press conference on Monday to discuss the next steps. With lingering questions of whether the US could target countries economically supporting Iran, China's Foreign Ministry spokesman said 'sanctions and pressure will not help resolve the issue,'" Deutsche Bank Research commented.Zooming in at home, Abu Dhabi Securities Exchange recorded a 99% compliance rate for listed companies' audited financial statements disclosures for the first half. The bourse also reported a 38% year-over-year growth in aggregate profits of these listed companies for the period.Over to corporates, Borouge (ADX:BOROUGE) approved an unchanged interim dividend of 0.081 Emirati dirham per share for the first half of 2026, bringing the total amount of dividends paid to $4.9 billion since its IPO in June 2022. The petrochemicals company closed the session flat.Elsewhere, Al Ramz Capital (DFM:ALRAMZ) renewed its liquidity provision agreement with Adnoc Drilling (ADX:ADNOCDRILL). Al Ramz Capital shares were flat on the Dubai Financial Market, while Adnoc Drilling gained 0.16% on the Abu Dhabi bourse at closing.
Borouge (ADX:BOROUGE) approved an unchanged interim dividend of 0.081 dirham per share for the first half.The petrochemicals company expects to distribute the dividend within 30 days of approval to shareholders on record as of Aug. 31, according to a Friday release.For full-year 2026, the company affirmed its plan to distribute an unchanged dividend of 0.162 dirham per share, with a final dividend payment of 0.081 dirham per share expected in the second quarter of 2027.
Jefferies commenced its coverage of Borouge (ADX:BOROUGE) with a hold rating and a price target of 2.50 Emirati dirhams, citing "limited" share price catalysts."Borouge benefits from access to low-cost feedstock and a new asset base with operational flexibility. Key catalysts, including the BGI tender offer and B4 plant injection, have been pushed further out. ADNOC has levers to make Borouge's investment case more attractive - delay feedstock price increases, plant de-bottlenecking and more favourable terms for B4. But, given the lack of clarity, we initiate at Hold. Borouge trades broadly in line with its peers," the research firm said in its report on chemicals and fertilizers companies in the Middle East and North Africa released Tuesday.Analysts noted that United Arab Emirates-based Borouge's key products are oversupplied globally and the company is expected to face constraints on feedstock as the Strait of Hormuz continues to be closed.Borouge's exports were also "severely impacted" by the closure of the waterway and the suspension of its plant operations after being damaged by falling debris amid the US-Iran conflict. The polyethylene and polypropylene producer's share price volatility, however, has been the lowest among industry peers during the conflict.
Jefferies on Tuesday started coverage of petrochemicals company Borouge (ADX:BOROUGE) with a hold rating and a price target of 2.50 Emirati dirhams.
UBS on Wednesday lowered petrochemicals company Borouge (ADX:BOROUGE) to neutral from buy and decreased its price target to 2.45 Emirati dirhams from 2.65 dirhams.
FAB Securities on Monday upgraded petrochemicals company Borouge (ADX:BOROUGE) to buy from accumulate and maintained its price target at 2.95 Emirati dirhams.
FAB Securities tweaked its investment view on Borouge (ADX:BOROUGE) after the petrochemicals company published its second-quarter financial statements, according to a Monday first look note.For the second quarter, the company logged a 1.1% annual decline in net profit to $190 million, which was higher than FAB's forecast of $143 million. Revenue, meanwhile, rose 7.7% yearly to $1.41 billion, compared with the research firm's $1.13 billion forecast."We revise our rating on Borouge from ACCUMULATE to BUY with an unchanged target price of AED 2.95. Borouge's profitability was resilient in 2Q26 despite a highly challenging operating environment, mainly driven by significantly higher average selling prices and record product premia, partially offset by a decline in sales volumes following the April 2026 security incident and Strait of Hormuz-related disruption," analysts wrote.
Shares in the United Arab Emirates closed on a positive note as investors balanced a busy week of corporate earnings with the latest geopolitical developments.At the close of Friday trading, the FTSE ADX General Index added 0.362%, while the DFM General Index was subdued at 0.065% in the green.The Abu Dhabi bourse welcomed first-half financial releases from Borouge (ADX:BOROUGE), Pure Health Holding (ADX:PUREHEALTH), Emsteel Building Materials (ADX:EMSTEEL), and Dubai Financial Market (DFM:DFM).Borouge shares closed flat as its first-half profit dropped 27% year over year due to reduced margins driven by higher freight, logistics, and propylene feedstock costs. Pure Health and Emsteel Building Materials, on the other hand, logged higher profits for the period and closed 1.80% and 0.91% higher, respectively.Bourse operator Dubai Financial Market's net profit slipped despite increased trading activity and investor participation during the period. Its shares lost 1.39% at closing.On the geopolitical front, US President Donald Trump said in a social media post that an agreement for the complete disarmament of Hamas and armed groups in Gaza was reached, with the city to be governed by a new Palestinian government working closely with his Board of Peace.In other news, the personal consumption expenditures price index, the US Fed's preferred inflation gauge, cooled in June, driven by a decline in energy prices during a temporary ceasefire agreement between the US and Iran."On the inflation front, the PCE fell 0.1% in June, as expected and marking the first monthly decline since April 2020. Year-over-year, headline inflation climbed 3.7%, easing from the 4.1% gain in June and marking the smallest gain in three months," Stifel said. "Excluding food and energy costs, the core PCE rose 0.1% in June, a tenth of a percentage point less than expected and following a 0.3% gain in May. Over the past 12 months, core inflation rose 3.3%, as expected and marking the smallest gain since April."
Borouge (ADX:BOROUGE) said Friday its profit and revenue for the first half fell year over year.Profit attributable to owners of the company for the six months ended June 30 was $344.2 million, compared with $470.5 million earlier. EPS moved to $0.01 from $0.02.The petrochemicals company's revenue was $2.58 billion, compared with $2.72 billion a year ago.Looking ahead, Borouge plans to maintain a dividend of 0.162 Emirati dirham per share for full-year 2026.
Morgan Stanley on Wednesday reduced its price target on petrochemicals company Borouge (ADX:BOROUGE) to 2.7 Emirati dirhams from 2.9 dirhams and kept its equal weight rating.
China Securities Co. on Tuesday started coverage of Abu Dhabi-listed petrochemicals company Borouge (ADX:BOROUGE) with a buy rating.
Abu Dhabi Commercial Bank on Monday initiated coverage of petrochemicals company Borouge (ADX:BOROUGE) with a buy rating and a price target of 3.00 Emirati dirhams.
Borouge (ADX:BOROUGE) appointed Siegfried Wengler as its new chief financial officer to succeed Jan-Martin Nufer, effective July 1.The petrochemicals company also appointed Salem Al Busaeedi as its chief operating officer with immediate effect, according to a Wednesday release.
Emirati stocks closed Thursday's trading session in the red as investors dissect the US Fed decision, which, as a result, also saw the United Arab Emirates Central Bank keeping its base rate steady.At the close of trading, the FTSE ADX General Index shed 1.237%, while the DFM General Index lost 1.625%.The UAE Central Bank on Wednesday kept the base rate applicable to the overnight deposit facility at 3.65% and the interest rate applicable to borrowing short-term liquidity at 50 basis points above the base rate for all standing credit facilities.The move aligns with the US Federal Reserve's decision to keep the interest rate on reserve balances unchanged, as the Emirati dirham is pegged to the US dollar."In our opinion, the uncertain geopolitical environment may inject more uncertainty into the ultimate path of the federal funds rate. A deepening divide on the Committee shows that a growing number of members favor a more neutral bias supporting our outlook for no federal fund rate changes this year. Ultimately, the economic data will impact the timing of any Fed rate cuts. The Fed stated that the implications of developments in the Middle East for the U.S. economy are contributing to a high level of uncertainty about the economic outlook," the Wells Fargo Investment Institute said in a note.The corporate side of the region saw a fresh batch of first-quarter earnings reports including those from Borouge (ADX:BOROUGE) and NMDC Group (ADX:NMDC), with both companies reporting lower attributable profits. Their stocks closed flat and 3.52% in the red, respectively.Drake & Scull International (DFM:DSI) began the construction phase of the Majan Project in Dubai and aims to finalize it in the first quarter of 2028. Its shares closed the session 1.235% lower.On the geopolitical front, Bloomberg News reported Thursday, citing Axios, that US President Donald Trump will receive a briefing on new military action on Iran, sparking escalation concerns between the two countries.
Borouge (ADX:BOROUGE) and Wanhua Chemical Group's petrochemicals and polyolefins unit, Wanrong New Materials, signed a joint venture deal to develop a cracker and polyethylene complex in Fujian, China.The Abu Dhabi-listed petrochemicals company and its Chinese partner will equally own the joint venture, according to a Friday release. The deal is subject to regulatory approvals.
