Borouge reports FY2024 net profit of $1.24 billion

Borouge Plc has delivered outstanding 2024 financial results, achieving a 24 percent year-on-year increase in net profit to $1.24 billion, driven by record production and sales volumes.

The company is driving growth and outperforming the industry through high productivity, a strong international marketing network and leveraging world-class technology to innovate and provide products that respond to evolving customer demand.

Borouge continued to deliver profitability metrics that are significantly superior to global industry peers, with an EBITDA margin of 41 percent for full-year 2024. EBITDA climbed 14 percent year-on-year to $2.48 billion, driven by a 4 percent year-on-year revenue increase to $6 billion.

Through a focus on operational excellence, the company delivered record production of 5.2 million tonnes, driven by exceptional utilisation rates of 110 percent for polyethylene and 98 percent for polypropylene.

Sales volumes reached their highest-ever level of 5.3 million tonnes, supported by strategic positioning in high-growth markets across Asia, the Middle East and Africa and strong customer relationships cultivated by an international network of 14 sales and marketing offices.

Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, commented, "Borouge has generated substantial earnings growth in 2024, while maintaining strong profitability, at a time when the wider global industry has faced challenges.

He announced that Borouge intent to maintain a $1.3 billion dividend for the 2025 financial year, representing a 6.3 percent current dividend yield.

Al Suwaidi added, "The Borouge 4 strategic expansion project will transform the production scale by almost a third and enhance the innovation capabilities, driving sales growth in major markets.

“We are also implementing a comprehensive digital and AI transformation programme, which is already enhancing productivity and will reimagine our operations in the coming years.”