Borouge Plc, specializing in innovative polyolefin solutions, announced a net profit of $1.24 billion for the financial year 2024, representing an increase of 24% compared to the previous year. An important factor was the strengthening of cash flow, which comprised 88% and led to an increase in the net operating free cash flow to $572 million, which is 9% more than the previous year.
Among strategic initiatives, it was noted that the Borouge 4 expansion project is on track to increase production capacity by 28%, allowing the company to become the largest in the world in the single-site complex for the production of polyolefin. After the completion of the project, an annual output in the range of $1.5-1.9 billion is expected. Additionally, within the framework of this project, an increase in the capacity of the second ethylene cracker (EU2) by 230,000 tons by 2028 is planned, which will bring in annual revenue of $220-250 million. The gross debt to EBITDA ratio on December 31, 2024, was 1.1 and was supported by a payment of $200 million in debt during the year.
In the fourth quarter of 2024, the company reported a net profit of $331 million, which is 15% higher than the previous year and 1% more compared to the previous quarter. Borouge was included in the S&P Global LargeMidCap ESG Index in 2024 and took a place in the top 15 percentile among more than 500 global chemical companies.
Borouge reported record production levels of 5.2 million tons and sales volumes of 5.3 million tons in 2024, reflecting stable demand for their products. The company also introduced nine new products, targeting the infrastructure and advanced packaging sectors, affirming its commitment to innovation and sustainable development. Borouge set a goal to reduce waste emissions by 25% by 2030 and achieve net-zero waste emissions by 2045, planning price improvements in the first quarter of 2025 and maintaining dividends at the level of $1.3 billion during the year.
