Borealis announces record net profit for 2014
by ChemOrbis Editorial Team - content@chemorbis.com
Austria’s Borealis has announced record net profit for 2014, according to a statement released by the company. The company posted a €571 million ($635 million) net profit in 2014, up 35% from €423 million ($471 million) in the preceding year. In the fourth quarter of 2014, however, the company’s net income was reported at €141 million ($157 million) compared with €148 million ($165 million) in the same period of the previous year. Borealis’ net sales increased to €8.33 billion ($9.3 billion) in 2014, up from €8.11 billion ($9 billion) in 2013.
The company cited stronger margins in the olefins and polyolefins business and an improved contribution from its Borouge affiliate following the startup of the Borouge 3 project, the biggest integrated polyolefins complex in the world, as the main reasons behind their stronger yearly results. Borouge, a joint venture between Borealis and the Abu Dhabi National Oil Company, is expected to have a total capacity of 4.5 million tons once the Borouge 3 complex is fully completed. By the end of the last year, three out of five polyolefin plants were launched.
The company also stated that they expected to see lower profitability in 2015 compared to 2014 amid weaker monomers prices as well as lower crude oil prices.
The company cited stronger margins in the olefins and polyolefins business and an improved contribution from its Borouge affiliate following the startup of the Borouge 3 project, the biggest integrated polyolefins complex in the world, as the main reasons behind their stronger yearly results. Borouge, a joint venture between Borealis and the Abu Dhabi National Oil Company, is expected to have a total capacity of 4.5 million tons once the Borouge 3 complex is fully completed. By the end of the last year, three out of five polyolefin plants were launched.
The company also stated that they expected to see lower profitability in 2015 compared to 2014 amid weaker monomers prices as well as lower crude oil prices.
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