Borouge reports profit growth in 2024
(MENAFN) Borouge PLC recorded a 24 percent year-on-year increase in its net profit for 2024, reaching AED 4.55 billion (USD1.24 billion). This growth was supported by record-high production and sales volumes, highlighting the company’s strong operational performance. The company’s ability to sustain growth and enhance profitability reflects its strategic focus on expanding production capacity and strengthening its presence in global markets.
Borouge has consistently improved its performance, reinforcing its position as a leader in the industrial sector. This success is attributed to high production levels, an extensive international marketing network, and the adoption of cutting-edge technology to develop innovative products. By leveraging these factors, the company continues to meet the growing demands of its customers while maintaining world-class industry standards.
The company remained focused on achieving superior profit margins compared to global competitors. In 2024, Borouge achieved a 41 percent profit margin before interest, taxes, depreciation, and amortization, reflecting its commitment to financial efficiency. Additionally, its earnings before interest, taxes, depreciation, and amortization increased by 14 percent year-on-year, reaching AED 9.10 billion (USD2.48 billion). This growth was supported by a 4 percent increase in annual revenue, which rose to AED 22.13 billion (USD6 billion).
Borouge’s strong operational performance was further demonstrated by a record production output of 5.2 million tons. The company achieved exceptional utilization rates, reaching 110 percent for polyethylene and 98 percent for polypropylene. These figures underscore Borouge’s ability to maximize production efficiency and maintain high output levels, ensuring its continued growth and competitiveness in the global market.
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