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Borouge profit up 33% on higher product sales

Borouge profit sales petrochemicals Borouge
The company's production volumes will jump with the completion of the new Borouge 4 complex, which is 70% complete
  • Q2 net profit up 33%
  • Revenue up 6% to $1.5bn
  • New Chinese plant planned

Record production volumes, higher sales and increased cost efficiencies helped net profits at petrochemicals company Borouge rise 33 percent year on year in the second quarter of 2024 to $308 million.

Revenue at the Abu Dhabi-listed company reached $1.5 billion during the quarter, up 6 percent annually.



Although average sales prices softened marginally in the quarter, Asia Pacific accounted for 66 percent of sales volume, unchanged year on year.

The Middle East and Africa rose to 28 percent of the total sales volume compared to 27 percent a year earlier. 

For the first half Borouge reported a net profit of $581 million, up 35 percent year on year on robust price premiums for polyethylene and polypropylene, which remained at $198 and $138 per tonne respectively.

Borouge CEO Hazeem Sultan Al Suwaidi said the company’s priority is to drive accelerated growth through capacity expansion, increased productivity and a focus on high-value customer segments.

Production volumes will jump with the completion of Borouge 4 complex, its second ethylene unit, he said, adding that plans are being worked for a new speciality polyolefins plant in China through a joint venture.

The Borouge 4 mega project is more than 70 percent complete and will increase production capacity by 28 percent, making Al Ruwais Industrial City the largest integrated single-site polyolefin complex in the world, Al Suwaidi added.

The petrochemicals company plans to maintain a $1.3 billion dividend for 2024.