UAE’s petrochemical company Borouge reported a 13.5 percent increase in revenue for the nine-month period ending September 30, 2022, to $5.13 billion, compared to the same period the previous year.
The company attributed the revenue increase to an 11.9 percent increase in total sales volume, including a 14.7 percent increase in polypropylene sales.
According to a statement, this period saw an increase in the company’s total production capacity of 7.9 percent on an annual basis following the completion of the operation of the new fifth unit for the production of polypropylene at full capacity.
Due to higher costs for materials and logistics services globally, adjusted EBITDA fell 3.6 percent to $2.10 billion. The company noted that these costs decreased slightly at the end of the third quarter.
Moreover, Borouge’s results reveal that revenues increased by 8 percent year on year (YoY) to $1.67 billion in the three months ending September 30, 2022, driven by sales volume growth, while total sales volume increased by 18.1 percent YoY to 1,341 kilotons.