Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, said its 2022 revenue rose by 8.% from a year earlier on higher sales volumes, said Msn.
Revenue for the 12-month period ending in December climbed to USD6.72 billion, from USD6.22 billion in 2021, the company said on Thursday in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Total sales volume grew by about 15 per cent as Borouge increased production from its fifth polypropylene unit (PP5), which raised the company’s production capacity by 500,000 tonnes a year.
“We are pleased to report our strong 12-month financial results, which demonstrate the resilience and efficiency of our business and our ability to achieve significant volume and revenue growth in the face of challenging market conditions,” said chief executive Hazeem Al Suwaidi.
A recovery in economic activity in China, the world's manufacturing hub, is expected to tighten the demand for plastics and petrochemicals this year. "It is not a question about sales volumes, we always sell everything that we have been producing. If we don't sell it in China, we sell it elsewhere," Jan-Martin Nufer, company's chief financial officer, told The National in an interview on Thursday.
Borouge, which focuses on premium price end-markets, could benefit from a surge in commodity prices resulting from China's reopening, said Mr Nufer.
We remind, Borouge, a leading petrochemical company that provides innovative and differentiated polyolefin solutions, has secured two new contracts worth a combined value of AED55 mln (USD15 mln to supply polyolefins to its partner customers – leading cable manufacturer Ducab and Abu Dhabi-based Union Pipes Industry (UPI).
mrchhub.com