Borealis delivers another record year with a net profit of EUR 1.1 billion in 2016
Borealis announces a net profit of EUR 1,1 million for the year 2016, compared to EUR 988 million in 2015. The improved result was driven by overall stronger margins in the polyolefins business and an improved contribution from Borouge, following the successful completion of the Borouge 3 project. The contribution from Base Chemicals was lower compared to 2015 as a result of weak demand and low prices in the fertilizer business.
"2016 was a very strong year for Borealis of which all our people should be proud. Whilst we do not expect to repeat the 2016 result in 2017, we still expect 2017 to be a very solid year, with Borealis remaining in the top echelon of profitable companies", says Mark Garrett, Borealis Chief Executive. "During 2017 we expect significant capacities to start coming on stream in North America. North America will become a significant net exporter in the coming years and it would be naïve to think that this won't affect us; it's simply the nature of our cyclical business. Our challenge at Borealis is to invest intelligently in a counter cyclical manner as we did in Borouge 3. 2017 will also be more challenging for Borealis due to the intensive turn-around schedule, involving five locations."
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