Abu Dhabi, United Arab Emirates – Prog PLC confirmed on Monday that shareholders have approved the distribution of interim dividends worth AED 2.42 billion, or $660 million. This is equivalent to 8.1 fils per share.
This reflects the strong performance achieved by “Bruges” during the first half of the year.
It comes backed by strong pricing premiums, disciplined cost management, and inventory sales.
This took place during the General Assembly meeting held on August 29.
During the meeting, the company reiterated its intention to distribute a total dividend of 16.2 fils per share for 2025. This is an increase from 15.88 fils in 2024.
With the final share of 8.1 fils expected to be paid per share during the first quarter of 2026. Since its initial public offering in June 2022, Bruges has adopted dividends with a total value of 15.57 billion dirhams. This is equivalent to $4.24 billion.
This is with a total return of 30%.
The company also demonstrated confidence in its future prospects by purchasing 141 million shares.
As part of the share buyback program approved at the annual general assembly meeting during April of this year.
track record
Hazim Sultan Al Suwaidi, CEO of Prog, said that the company has a proven track record of achieving strong and sustainable returns for shareholders.
It is supported by its strong operational processes, cost management discipline and stable pricing margins.
Looking forward to the proposed establishment of the Bruges International Group, which is expected to be completed during the first quarter of 2026. The company continues to focus on consolidating its outstanding performance.
Bruges achieved net profits during the first half of this year worth 1.74 billion dirhams, equivalent to “$474 million”.
It was driven by strong sales volume, pricing premiums, and disciplined cost management.
Bruges continues its strategic growth and expansion.
The completion rate of the “Bruges 4” project exceeded 90%. It will add a production capacity of 1.4 million tons annually.
When completed by the end of 2026, it will contribute to achieving significant added value for shareholders.
The deal to establish the Bruges International Group is also expected to be completed during the first quarter of 2026.
Work is currently underway to deposit regulatory documents and develop merger plans.
Bruges International Group is set to become a leading global entity in the petrochemical sector. It will have a value of 220 billion dirhams, equivalent to $60 billion. Furthermore, it will be the fourth largest producer of polyolefin in the world.
The new group intends to maintain a minimum annual dividend of 16.2 fils per share until at least 2030.
All of this is subject to obtaining the necessary approvals.
