Borealis announces a net profit of EUR 247 million for the fourth quarter of 2017, compared to EUR 239 million in the same quarter of 2016. For the full year 2017 the company recorded a net profit of EUR 1,095 million, compared to EUR 1,107 million in 2016. The 2017 result was driven by healthy European integrated polyolefin margins and an improved profit contribution from Borouge. The contribution from Base Chemicals was lower compared to 2016 as a result of a continued weak fertilizer business environment. In the fourth quarter, net debt reduced by EUR 335 million. Over the full year 2017, net debt increased by EUR 140 million largely driven by the high investment level related to growth projects and turnarounds as well as the payment of a EUR 750 million dividend to Borealis' shareholders mostly offset by the strong cash inflow from the solid business result. Consequently, Borealis’ financial position remains strong, with a gearing of 12% at year-end 2017.
- Borealis announces a continued stable net profit of EUR 1,095 million in 2017 at previous year’s record levels
- Healthy integrated polyolefin margins and the continued strong profit contribution by Borouge are the main drivers of the result
- 2017 highlights are the announcement of further significant global growth projects and the completion of a record number of Turnarounds