Earnings call transcript: Borouge misses Q3 2025 forecasts, stock dips

Abu Dhabi Polymers Co Borouge LLC (Borouge) reported its third-quarter 2025 earnings, revealing a slight miss in both earnings per share (EPS) and revenue forecasts. The company’s EPS came in at $0.01, slightly below the forecasted $0.0104, while revenue totaled $1.45 billion, missing the expected $1.51 billion. Following the announcement, Borouge’s stock fell by 1.57%, closing at $2.37, reflecting investor concerns over the earnings miss.

Key Takeaways

• Borouge’s Q3 revenue increased 11% quarter-on-quarter but decreased 10% year-on-year.
• Net profit rose significantly by 52% quarter-on-quarter.
• The company launched several innovative products and achieved record production levels.
• Stock price declined by 1.57% after earnings announcement.

Company Performance

Borouge demonstrated strong operational performance in Q3 2025, with a net profit of $295 million, marking a 52% increase from the previous quarter. The company achieved record production levels, with utilization rates exceeding 110% for both polyethylene and polypropylene. Despite the strong operational metrics, year-on-year revenue decreased by 10%, reflecting broader market challenges.

Financial Highlights

• Revenue: $1.45 billion (11% increase quarter-on-quarter, 10% decrease year-on-year)
• Net Profit: $295 million (52% increase quarter-on-quarter)
• Adjusted EBITDA: $565 million (39% margin)
• Operating Free Cash Flow: $525 million (68% increase quarter-on-quarter)

Earnings vs. Forecast

Borouge’s EPS of $0.01 fell short of the $0.0104 forecast, resulting in a negative surprise of 3.85%. Revenue also missed expectations by 3.97%, coming in at $1.45 billion against a forecast of $1.51 billion. This marks a deviation from previous quarters where the company had met or exceeded market expectations.

Market Reaction

Following the earnings release, Borouge’s stock declined by 1.57%, closing at $2.37. The stock’s movement reflects investor disappointment over the earnings miss. The current price is closer to its 52-week low of $2.28, suggesting broader market pressures on the company’s stock.

Outlook & Guidance

Looking ahead, Borouge expects a stable macroeconomic environment and maintains its premium guidance for polyethylene and polypropylene. The company anticipates $500 million in annual EBITDA synergies from the forthcoming Bruges Group International transaction, expected in Q1 2026. The full-year 2025 dividend is projected at PHP16.2 per share, yielding 6.3%.

Executive Commentary

CEO Hazeen Sultan Al Sawade emphasized Borouge’s profitability, stating, "We are the most profitable polyolefin company globally." CMO Roland Janssen highlighted the company’s innovation strategy, noting, "Innovation is the backbone of our commercial strategy."

Risks and Challenges

• Potential supply chain disruptions could impact production.
• Market saturation in key regions may limit growth opportunities.
• Fluctuations in raw material prices could affect profitability.
• Macroeconomic pressures in Asia Pacific and Middle East markets.
• Currency fluctuations impacting international sales.

Q&A

During the earnings call, analysts inquired about Borouge’s strategy in the Chinese market and the company’s pricing and premium strategies. Executives confirmed continued high utilization rates and ongoing cost optimization efforts, addressing concerns over market competitiveness and operational efficiency.

Full transcript - Abu Dhabi Polymers Co Borouge LLC Ltd (BOROUGE) Q3 2025:

Chris Bucknell, VP, Investor Relations, Bruges: Good afternoon, and thank you for joining us today for Bruges’ third quarter and nine month twenty twenty five results call. My name is Chris Bucknell, VP, Investor Relations at Bruges. I’m pleased to be joined today by our senior management team. Chief executive officer, Hazeen Sultan Al Sawade Chief Marketing Officer, Roland Janssen Chief Operating Officer, Doctor. Hassan Karam and Chief Financial Officer, Jan Martin Moofer.

Today’s call will begin with a presentation from the management team covering our third quarter performance and the Baruch investment case. Following the presentation, we’ll open the floor for your questions. A copy of today’s presentation is available on the Investor Relations section of our website. With that, I’d like to hand over to our CEO.

Hazeen Sultan Al Sawade, Chief Executive Officer, Bruges: Thank you all for joining us today. In Q3 twenty twenty five, Bruges delivered a standout performance across all key metrics. We remain the most profitable polyolefin company globally with an EBITDA margins of 39% in Q3. We delivered our highest production volume in Q3, achieving utilization rates of over 110%, well above design capacity. We continue to deliver resilient, sustainable earnings even during period of weaker market conditions.

Our net profit increased by 52% quarter on quarter to $295,000,000 following the Brugge III turnaround in Q2. High value products made up 36% of total sales and premium over the first nine months of the year exceeding guidance. Based on this strong performance, we are pleased to reaffirm our full year 2025 dividend guidance of PHP16.2 per share. This PHP16.2 is expected to be maintained as a minimum dividend by Brugge Grubb International once launched through to at least 2030 with potential upside from a 90% payout ratio based on a free cash flow generation. Our share buyback program also continues, supporting liquidity and reflecting our confidence in the valuation of a stock.

Turning now to the financial summary for Q3 and nine months year to date. The $295,000,000 in net profit is 52% higher quarter on quarter, supported by 19% increase in sales volumes and a strong operational recovery following the Brugessrie turnaround. Net profit margin was strong at 18%. Adjusted EBITDA was $565,000,000 at margin of 39%, 3x higher than the global petrochemical peer group average. Operating free cash flow rose 68% quarter on quarter to $525,000,000 reflecting strong cash conversion of the higher earnings.

Our results underscore Bru’s strength, agility and ability to consistently deliver value cross cycles even in difficult market conditions. We remain well positioned to capture new market opportunities and drive long term growth through our superior customer offering. I will now hand over to Ronald Janssen, our Chief Marketing Officer, to provide an overview of commercial performance.

Roland Janssen, Chief Marketing Officer, Bruges: Thank you, Hajim, and good afternoon, everyone. From a pricing perspective, the third quarter was softer than the second quarter with benchmark prices continuing to weaken, the trends we’ve observed throughout the year. Bruges average selling price declined by 3% quarter on quarter, reflecting underlying benchmark softness. However, I’m pleased to report that we maintained strong Premier performance. Polyethylene Premier reached two thirty dollars per tonne, up 16% year on year, exceeding management’s through the cycle guidance.

Polypropylene Premier averaged $132 per tonne, lower than the same period last year, yet still exceeding guidance on a nine month basis. Over the same period, the blended average selling price declined by 4% compared to the prior year’s corresponding period. Whilst polypropylene premia declined 7% to $142 per tonne, polyethylene premia improved 40% year on year to $233 per tonne, helping to offset the impact of weaker benchmark pricing. In the third quarter, we sold 1,360,000 tonnes, a strong 19% increase quarter on quarter enabled by a record production performance. We continue to tactically allocate volumes to the most attractive markets with the highest netbacks and this remains a key driver of our financial performance.

61% of our volumes were directed to the Asia Pacific region, where infrastructure demand remains resilient and 33% to The Middle East and Africa, where we benefit from lower cost and therefore margin advantages. We also maintained our strategic focus on high value applications, with 36% of volumes coming from the valuable energy and infrastructure segments. Overall, we are seeing strong customer retention and a sustained preference for Baruch’s differentiated solutions, reinforcing our competitive positioning. Innovation is the backbone of our commercial strategy and the main contributor to our continued strong pricing premium performance. Baruch launched multiple new grades across high value segments in the period.

In healthcare, in addition to our existing polypropylene grade, we introduced a new low density polyethylene polymer solution for pharmaceutical packaging produced in The Middle East. This marks another step towards our target of building a 100 kiloton per year health care business, one of our higher margin segments. In advanced packaging, we have launched a new product in collaboration with ZeekWerk and TPN, which uses a polyethylene triplex laminate structure to create a motor material standard pouch for food use. The product is designed to be readily de inked and recycled, advancing circularity and sustainability across the consumer packaging value chain. In infrastructure, we introduced a new Borsafe polyethylene pipe grade, which was recognized as new product of the year at the recent Asian Oil and Gas Awards.

And we also officially launched the Baruche ROX Motor Innovative Material Joint Laboratory in Shanghai, following our strategic cooperation agreement signed earlier this year. This milestone will accelerate innovation from R and D to production, focusing on specialized materials for new energy vehicles in the luxury SUV segment. I will now hand over to Doctor. Hassan for the operational update.

Hassan Karam, Chief Operating Officer, Bruges: Good afternoon, everyone. I am pleased to share some exciting updates regarding our recent operation and achievements. In Q3, we achieved exceptional utilization capacity rate of 110% for polyethylene and 112% for polypropylene. These utilization level helped drive record production of 1,390,000 tonnes during the quarter. On a nine month basis, Brugge delivered high utilization rate of 97% for polyethylenes and 95% for polypropylene.

This underscores the resilience of our operations as the period included the successful Brutree turnaround in Q2 twenty twenty five, which reduced planned quarterly production by three twenty Kt. We expect to deliver high utilization rate in the fourth quarter. Highest quarterly production achieved in Q3 is a testament to the quality and resilience of our asset base. I would like to emphasize the central role of our operation excellence program in maximizing production volume while maintaining the highest safety standards that ultimately leads to better cost management and industry leading returns. Our operational teams have also provided crucial support for the launch of new innovative products, as highlighted by Ronald earlier.

Each new base produced record agility and careful calibration of the plant to meet evolving product specification while maintaining high levels of efficiency. Our strategic growth projects continue to make progress. Bruges 4 is now more than 90% complete and is expected to significantly enhance our earnings power once fully operational. A key milestone for Bruges four is the startup of the XLP2 facility, which is on the schedule to commence operations by the 2025. This will more than double our high value cross linked polyethylene’s XLP capacity to 180,000 ton per annum.

We look forward to continue our journey of operational excellence and delivering outstanding results. With that, I will now pass over to Jan Martin to take you through the financial performance.

Jan Martin Moofer, Chief Financial Officer, Bruges: Thank you, Hassan, and good afternoon, everyone. Q3 revenue of $1,400,000,000 was 11% higher than the prior quarter following the Buruch III turnaround, but was down 10% year on year due to the high sales volumes in quarter three twenty twenty four and the lower average benchmark pricing in 2025. Adjusted EBITDA also increased significantly quarter on quarter, rising 28% to $565,000,000 and Q3 net profit of $295,000,000 was once again above market expectations. In respect to the nine month period to September 30, revenue declined by 5% due to pricing and the Q2 turnaround impact on volumes. Nine months EBITDA of $1,570,000,000 represents an industry leading margin of 38% and net profit for the nine months period of $769,000,000 demonstrates strong resilience in a challenging market environment.

Bruges remains well positioned to maintain profitability across cycles due to its low cost position and consistent quality price premium. Let me now turn to our cost performance. Bruges has continued to execute under its very successful value enhancement program Accelerate for Growth established at the 2022 to proactively address the market challenges. It comprises of revenue enhancement and cost improvement activities. Again in 2025, this program delivered significant contributions to our results.

As a consequence, our overall operating cost base was tightly managed during the quarter. On a quarter on quarter basis, cost of sales was broadly flat despite the significant increase in sales volumes as quarter three benefited from greater fixed cost absorption. Selling and distribution expenses were down 13% year on year, in particularly due to the timing of a one off benefit from a key logistics contract. However, they rose 8% quarter on quarter as sales volume significantly increased by 19%. General and administrative expenses decreased 15% year on year, mainly driven by a reallocation of site supply chain costs.

On a quarterly basis, G and A rose 17%, largely due to the capitalization of personnel costs during the quarter two turnaround activities. Our cost base remains structurally lean and well controlled. Fixed costs are on a good trajectory and we continue to identify new avenues for efficiency gains through the remainder of the year through our value enhancement program Accelerate for Growth. In Q3, we incurred capital expenditures of $40,000,000 flat year on year, reflecting a return to more typical investment levels following the Bruce Lee turnaround. Adjusted operating free cash flow was $525,000,000 representing a strong 93% cash conversion ratio.

For the nine month period, adjusted operating free cash flow reached $1,360,000,000 down 22% year on year, primarily due to softer benchmark product prices and lower sales. Net debt stood at $2,920,000,000 including $197,000,000 in cash and cash equivalents. Our $500,000,000 revolving credit facility remains undrawn and our net debt to EBITDA ratio is at a very solid 1.3 times. This strong financial position enables us to support dividends, buybacks and future investments. Since our IPO, we have delivered $4,240,000,000 in total dividends, underscoring our commitment to shareholder returns.

Since April, we’ve also executed the share buyback program, reflecting our strong confidence in Bruges’ future prospects. As at the September 30, we had repurchased approximately 158,000,000 shares supporting liquidity in the markets. With that, I’ll hand back to Azim to take you through the outlook and investment case.

Hazeen Sultan Al Sawade, Chief Executive Officer, Bruges: Thank you, Ian Martin. Looking ahead, we expect a stable macroeconomic environment across our core markets for the remainder of the year, with demand in breweries target regions continuing to outperform. Benchmark pricing is expected to remain soft in Q4, but our differentiated product portfolio will continue to support a significant through the cycle quality price premium. Our premium guidance remains unchanged at $200 per tonne for PE and $140 per tonne for PP. Operationally, we delivered a record production volumes in Q3 following the successful Bruggee turnaround, and we expect high utilization rates to continue through the year end.

We remain focused on high value added segments. And I’m happy to report that XLP specialty production from Brutree 4 is set to commence by year end. Ongoing production and regional optimization will further support margin and growth. An investment in Bruges presents a significant opportunity for both existing and future shareholders. We are the most profitable polyference company globally with a first quartile cost position and an industry leading EBITDA margins of 39%.

Our financial resilience is driven by our differentiated products, technology and innovation. In Q3, we achieved record quarterly production and exceptional utilization rates following the successful Q2 turnaround. Our commercial agility continues to support margins and growth. Our dividend proposition is highly attractive with the full year 2025 payout of CHF16.2 per share, translating to a 6.3% yield among the highest on ADX. The Brugge Group International transactions are well on track to close in Q1 twenty twenty six.

The vast majority of required regulatory approvals have been secured. ADNOC and OMV have secured $15,400,000,000 in financing from global banks, including for the acquisition of Nova Chemicals. A confidential credit rating exercise has confirmed that BGI will hold strong investment grade ratings. The transactions are expected to unlock over $500,000,000 in annual EBITDA synergies across cost and revenue areas, further strengthen our dividend propositions and long term value creation. This is a pivotal moment in Brug’s journey, and we thank you for your continued support.

We look forward to delivering sustained value generation and long term growth. We would now be happy to take your questions.

Moderator: Thank session. Our first question comes from Riccardo Rizende of Morgan Stanley.

Riccardo Rizende, Analyst, Morgan Stanley: Two questions, if I may. The first one, on the price premium. We’ve seen the premium being a bit better on polyethylene than on PP. Do you think that, that should be the same dynamic in the fourth quarter as well with PE doing better than PP? Then the second question is on the utilization rates.

You’ve been running at quite strong rates for a while now. Should actually we assume that you can consistently run above 100% going forward? And then third question is very specific on XLRP. What sort of price premium that you’ve seen in this product? And just to confirm, between when operations commenced before for this product and when you actually buy the plant, you’re just going to be marketing those volumes as third party, correct?

Hazeen Sultan Al Sawade, Chief Executive Officer, Bruges: Thank you for your question, sir. So the first question will be answered by Roland, and the second one will be by Doctor. Hassan. And I believe that also there was a question on XLPE. Thank you.

Roland Janssen, Chief Marketing Officer, Bruges: So Ricardo, thank you for your question. So regarding the price premium, first of all, we expect those price premium to hold based on, let’s say, portfolio, the uniqueness of the portfolio and the value that it brings to the segments that we serve and also the commercial agility that we expect in those segments to maintain. You’re asking about the polyethylene versus polypropylene. And also here we believe that that will stabilize in the fourth quarter. When it comes to XLBE, so right now we if you look at the premium polyethylene at $2.30 plus, so the actual PE premium, you should expect to see in excess of that $230 per tonne.

Hassan Karam, Chief Operating Officer, Bruges: From the utilization point of view, Broad continue sweating and maximizing their asset in order to ensure that high production volume. And for the coming quarter, we’ll continue maximizing our production, which represents only higher utilization. We are having our our internal sort of the program. We will assure that all of our assets, they are running in a in a high utilization, high availability in order to produce more of these useful products.

Riccardo Rizende, Analyst, Morgan Stanley: Okay. Thank you very much.

Moderator: The next question comes from Faisal Asmat of Goldman Sachs.

Faisal Asmat, Analyst, Goldman Sachs: Just a quick one and just to understand better your plans relating to China. Obviously, we are seeing now more discussions around rationalization, and I know you were looking at building a plant there that could effectively command some form of the premium. Do you kind of look at it now and think it’s time to reassess? Or are you still thinking about that as part of your long term objectives, given obviously what has been shaping up around the M and A? Maybe just if you can shed some color on some of those growth plans beyond The Middle East.

And then my second question just comes to or relates to the Bruges acquisition. Just as we think about the early parts of the facilities that start, how would you include that into I know I think Ricardo asked a question, but I missed the last bit. But would you just account for it as marketing or would you actually start to integrate some of it and buy those plans one by one until you buy the entire facility? Thank you.

Hazeen Sultan Al Sawade, Chief Executive Officer, Bruges: Thank you, sir for the question. Of course, we and BRUGE remains very focused on driving value and as you rightly said, our project that we have signed a collaboration agreement with Wanwa is progressing in the right direction, I would say. We continue to evaluate the business and the economics of of of this business opportunity. I would say we will update you more in details as we progress on this project. I just want to highlight that for us, China is an important market that we have been operating in China for the last twenty five years.

And we have great customers and partners in China. And we believe that our, I would say, technology can further also, I would say, value for Brugge. Of course, we will update you once we have more details. Thank you.

Jan Martin Moofer, Chief Financial Officer, Bruges: And maybe briefly on your question regarding Bruges four. So great news, as we said that we are on a very good track in terms of the finalization. As you have been mentioning, the first assets are now coming on stream. The good part is that we have the setup with the shareholders that we have the asset currently owned by them. So the production that will come from Bruges 4 will be marketed, obviously from Bruges side.

So there will be the appropriate arrangements then in place to do that. And then the re contribution time will be decided later on.

Faisal Asmat, Analyst, Goldman Sachs: Thank

Moderator: Moving on to the next questions. The first from Alex Estefanos from UBS. With one of the B4 facilities coming online in Q4, do we have a proposed timeline for the other facilities in 2026?

Jan Martin Moofer, Chief Financial Officer, Bruges: Yes, maybe I can take that question. So the first part of the facilities, as said, are coming now on stream. Then we have the usual process of essentially putting the remaining of the assets under testing and putting it into operations. And we will decide based on that one at what point in time Bruges 4 will be re contributed. But it’s the usual time line that we’re looking at.

Hassan, any comments from your side from the operations?

Hassan Karam, Chief Operating Officer, Bruges: I think the same thing that we are now focusing on the commissioning of the XCP tool in q four twenty twenty five, and the other client will follow in that pattern.

Hazeen Sultan Al Sawade, Chief Executive Officer, Bruges: I I I just want to add also I just want to add also our gradual, I would say, operations of Bridgeport is moving well in the right direction. Our XLP, wire and cable, high specialty products, it will add further also into, I would say, our value segments. We already have quite reasonable XLP capacity. We are more than doubling the capacity already, which will start on stream, I would say, very, very soon. This is an important milestone of Bridgeport.

And Bridgeport will start gradually towards also year 2026. It’s quite, I would say, a big complex, and we are in the right, I would say, directions to start up each plant, I would say, at a time. Thank you.

Moderator: Thank you. The next question reads, just looking at operating costs and your optimization and AIDT program, would it be fair to assume that more cost efficiencies are expected to be realized in the coming quarters?

Jan Martin Moofer, Chief Financial Officer, Bruges: I would say,

Hazeen Sultan Al Sawade, Chief Executive Officer, Bruges: Doctor. Hassan, you can take that, but I just want to make a high level statement. We and Bruj, in the from the beginning, we started very seriously looking towards AI and how we truly can leverage on AI and not only by driving efficiencies, I would say, but also using AI to overcome lots of challenges toward creating value for Rouge, and that has been illustrated in many solutions that we have implemented. And doctor Hassan, perhaps you can shed the light also for more specific details on the solutions that we are executing in AI for Bruj.

Hassan Karam, Chief Operating Officer, Bruges: Sure. First of all, the Brugge will continue to be resilience and with the cost disciplines in terms of the operating cost. And this cost optimization program started delivering the value from the beginning of the year, which will also continue to deliver in the last quarter and the upcoming years. And also, there are some of the few AI and optimizing initiative as mentioned by our CEO started in q and plan to start also in the q four, which will be ramping up during this coming quarter. And also it will further enhance the cost optimization.

So again, the we are keeping this operating cost optimization under our close sort of the focus in order to have more of these sort of the cost enhancement discipline in the future.

Moderator: Thank you. And the third question reads, there would appear to be some reduced sales in China and India. Any context you could provide here would be welcome and when slash if you do expect it?

Roland Janssen, Chief Marketing Officer, Bruges: Yeah, I take that question. So we, let’s say, continue to, let’s say, put our efforts in making sure that we maximize our value and focus on high value segments and also high value regions. And as a result, we have been, let’s say, allocating more volumes, let’s say, to other regions than you just mentioned. So this is a, let’s say, deliberate efforts on our side to make sure that we maximize the value contribution and the profit optimization at the end of the day.

Hazeen Sultan Al Sawade, Chief Executive Officer, Bruges: And I just want to add also, we in Brugge, we drive innovations, pipelines quite, I would say, seriously. The markets for polyolefins within PE and PP, a business we know it very well, a business that we have also clearly made strategic decisions in certain segments where we have differentiated ourselves from many competitors. So if you look at Brugge product mix that has been, I would say, developed within our innovation pipeline has also giving us the opportunity to overcome these challenges that we are facing currently in the marketplaces. So we have created a market in different applications to ensure that we have a, I would say, very resilient commercial, I would say, approach with our customers and we drive value, of course, on those segments. So therefore, the defensications of the product mix we have and tactically moving those volumes on a monthly basis that has been clearly demonstrated since IPO, and we continue to, of course, push our innovation pipelines for more products to come, Insha’Allah.

Thank you.

Moderator: Thank you. The next text question comes from Youssef Husseini from EFG Hermes. They ask, hello and thank you for the presentation. I was just wondering what drove the lower depreciation this quarter and if that is sustainable going forward? E.

G, have you extended the useful life of the assets?

Jan Martin Moofer, Chief Financial Officer, Bruges: Thanks, Jose, for your question. So we’re doing the regular assessment and reassessment of the useful life of our assets under IFRS. We have the chance now with the recent large turnaround of Bruges three in the second quarter to look in detail into the assets. And that gave us clear comfort that we have the assets to operate for a long time to come. As we do now the reassessment on a regular basis and need to make sure that particularly in our capital intensive industry, depreciation is matching with remaining useful lifetime that was adjusted.

We are in line with that step with industry practice and comparables. And to your question, yes, this is sustainable going forward.

Moderator: Thank you. The next question comes from Rahul Shah of Kepler Cheuvreux. You have indicated that you expect pricing to remain soft in Q4. Is the premium you can achieve relatively independent of benchmark prices? Or are you seeing pressure here also?

Do you have any view on the pricing environment in 2026? And can you give some color on which BGI synergy elements could come in ahead of the initial USD 500,000,000 target?

Roland Janssen, Chief Marketing Officer, Bruges: So I will take the question on the pricing. So yes, we believe that pricing will continue to be under pressure in the, let’s say, fourth quarter with limited recovery visibility. But we also do believe that the premia remains strong, consistent and actually further improved versus where we are as we continue our efforts to again sell into the higher value applications, higher value segments and regions. And also the startup of the XLPE, as already mentioned, will help further boost the premia based on the anticipated higher, let’s say, premia that we achieved for those products. Looking into the longer term outlook from a pricing perspective, the underlying demand for the market remains resilient.

And we also believe that the demand will continue to be above GDP. So we do expect a recovery based on those, let’s say, fundamental drivers. When it comes to the question related to BGI, I’ll give

Hazeen Sultan Al Sawade, Chief Executive Officer, Bruges: it to Arzim to answer. Thank you, Roland. Of course, definitely, this is a very valid question on PGI. I mean, we have communicated already a minimum of $500,000,000 of EBITDA on annual basis will be achieved for PGI. And we’re already looking at this very, I would say, a very promising way.

The elements of the, I would say, the integrations and the synergy that will be created. We already have identified, I would say, a very tangible, I would say, opportunities to to to deliver this 500. We have been working with Borealis as an owner and of course, as a partner with Admiral Corso in Bruges for quite some times. Have a very clear and very solid ideas where we can generate immediate savings and immediate, I would say, revenue for PGI. And of course, further also with integrations with Nova Chemicals, we see this can be delivered as a minimum for PGI.

Thank you.

Moderator: Thank you. We currently have no further questions at this time. So I’d like to hand back to CEO, Haseem Al Sawadee, for closing remarks.

Hazeen Sultan Al Sawade, Chief Executive Officer, Bruges: Yes. I want to thank everybody that has been with us in this call, and we’re looking very positive for the future.

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