Industry Borouge Q3 profit rises to $328m on record sales By Pramod Kumar October 29, 2024, 9:27 AM Borouge Borouge reported record production levels and its highest-ever sales volumes in the third quarter Abu Dhabi-listed Borouge reported a 16 percent year-on-year increase in net profit to $328 million, driven by record quarterly sales and strong pricing for its premium products. Revenue grew 7 percent year on year to $1.6 billion, reflecting a strategic focus on high-value markets that drove a 2 percent year-on-year increase in sales volumes. Despite global market volatility, the company’s average polyethylene and polypropylene prices reached $198 and $160 per tonne, higher than their benchmarks. Premium increased 14 percent and 50 percent year on year, respectively. The third quarter saw record production levels and highest-ever sales volumes, said CEO Hazeem Sultan Al Suwaidi. Net profit for the nine months jumped 27 percent annually to $908 million, while revenue rose 3 percent year on year to $4.4 billion. Adnoc to buy German chemicals company Borouge to treble production despite lacklustre demand Adnoc and OMV in talks to create $30bn chemicals giant Al Suwaidi said the Borouge 4 facility is 80 percent complete and will significantly increase production and revenue. The feasibility study for a planned new speciality polyolefins plant in China is progressing well, he added. Borouge expects a stable macroeconomic outlook across its key markets in the fourth quarter of 2024. Strong production and sales volumes are projected to maintain positive momentum, bolstered by a strategic focus on operational efficiencies and serving high-value segments, the company said.
