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For the first nine months of 2022, Borouge’s revenue rose 13.5% to $5.13 billion, helped by an 11.9% increase in total sales. On the EBITDA side, however, it declined 3.6% to $2.1 billion due to continued high logistics and material cost declines. Borouge said these key costs began to decline at the end of September.
“Borouge’s strong volume growth partially offset lower average selling prices affected by global supply and pricing pressures,” the company said in a statement. “Borouge’s pricing premium remains above the company’s mid-term guidance — a key competitive advantage for the business.”
In the third quarter alone, adjusted EBITDA was $593 million and profit was $308 million. Borouge CEO Hazeem Sultan Al Suwaidi cited “strong year-to-date revenue and volume performance”. “We achieved this despite global supply and pricing pressures; these results are a testament to our ability to continue to innovate to deliver a broader product portfolio to industries and customers around the world.
“Our infrastructure solutions continue to grow in our end product market share, accounting for 46% in the third quarter, and remain a priority as we differentiate our products from our global peers. Importantly, We were able to maintain the premium above the market benchmark price.
“We see continued strong demand in our core markets compared to other global markets and remain optimistic about our leadership position.”
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