The Abu Dhabi listed Borouge has posted net profit of $331 million, indicating a 15% year-on-year uptick, which the petrochemicals company attributed to “record production” and sales volumes.

Fourth quarter revenue reached $1.62 billion, up 1% quarter on quarter and 8% year on year.

For the full year, the polyolefins solutions company reported a 24% YoY increase in net profit to $1.24 billion, with revenue rising 4% to $6.03 billion versus the $5.79 billion reported in 2023.

Sales volumes rose 8% YoY and 3% from the previous quarter, with Borouge attributing the growth to strategic positioning in high-growth markets across Asia, Middle East and Africa.

EBITDA climbed 14% YoY to $2.48 billion, with a 0.6% uptick from the previous quarter to $650 million.

The company reported a full-year adjusted operating free cash flow of $2.31 billion, reflecting a 17% year-on-year increase, driven by a high cash conversion rate of 93% in 2024.

The project, developed by Borouge on behalf of its majority shareholders, ADNOC and Borealis, is aiming to position the company as the largest single-site polyolefin complex.

The company is also advancing with a major upgrade to its second ethane cracker unit (EU2), targeting an additional 230,000 tonnes of production capacity, which is expected to be completed in 2028.

On the international front, Borouge is also looking to expand its global footprint with an ongoing feasibility of a specialty polyolefins complex in Fuzhou, China.

(Writing by Bindu Rai, editing by Daniel Luiz)

bindu.rai@lseg.com