Borouge’s net profit increases by 16% in Q4 2023
by ChemOrbis Editorial Team - content@chemorbis.com
UAE’s Borouge reported a $288 million net profit for the fourth quarter of 2023, bringing net profit for the full year 2023 to $1 billion. The Q4 figure indicated a 2% increase quarter-on-quarter and a 16% increase year-on-year.
Furthermore, the company’s revenue in the fourth quarter remained unchanged from the third quarter at $1.5 billion, while the revenue decreased by 6% on a yearly basis due to weaker global demand.
For the full financial year 2023, the company reported revenue of $5.8 billion and adjusted EBITDA of $2.2 billion.
The company reported high utilization rates of 101% for PE and 97% for PP, a notable increase from 2022 levels.
Furthermore, the company’s revenue in the fourth quarter remained unchanged from the third quarter at $1.5 billion, while the revenue decreased by 6% on a yearly basis due to weaker global demand.
For the full financial year 2023, the company reported revenue of $5.8 billion and adjusted EBITDA of $2.2 billion.
The company reported high utilization rates of 101% for PE and 97% for PP, a notable increase from 2022 levels.
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