BOREALIS
Q4 net profit soars 52% on strong polyolefin markets / Thomas Gangl appointed CEO to replace Alfred Stern
Fourth-quarter net profit at Borealis (Vienna / Austria; www.borealisgroup.com) rose 52% to EUR 210m, compared with the year-earlier period, thanks to a stronger polyolefin market in both Europe and Asia. However, the rise in the natural gas price and operational issues impacted the contribution from Borealis Fertilisers. Borealis said a net profit of EUR 210m is a “very strong finish” to the year. Sales were down 9% to EUR 1.69 bn and for full-year 2020, they fell 16% to EUR 6.81 bn.

Net profit in 2020 plunged 29% to EUR 589m due to the lower oil price environment, which had resulted in reducing the light feedstock advantage and generating negative inventory effects in Europe. Tailwinds came also from weaker polyolefins prices in Asia and a deteriorating fertiliser market. Despite the Covid-19 pandemic, demand for polyolefins remained healthy, leading to a slight sales volume year-on-year increase.
New chief executive appointed from April
OMV (Vienna; www.omv.com), majority shareholder of Borealis, announced the appointment of Thomas Gangl as Borealis CEO effective 1 April 2021, replacing Alfred Stern, who will join the OMV executive board, overseeing the chemicals and materials division. Gangl, 49, is currently an OMV executive board member responsible for the refining and petrochemical operations. As part of its goal to cut debts, OMV said it has decided to start the process of divesting a few more assets within the OMV group, such as Borealis’ nitrogen business unit including the fertiliser, technical nitrogen and melamine products. The company’s share in fertiliser production sites in the Netherlands and Belgium is not presently being considered within the potential sales process, OMV announced.

OMV owns 75% interest in Borealis after buying a further 39% stake from investment firm Mubadala (Abu Dhabi / United Arab Emirates; www.mubadala.com) last October. Mubadala holds the rest of the shares (see Plasteurope.com of 12.11.2020).
09.02.2021 Plasteurope.com [246907-0]
Published on 09.02.2021
Borealis: Deutliche Einbußen bei Umsatz und GewinnGerman version of this article...

© 2001-2021 Plasteurope.com  |  Imprint  |  Privacy  |  Cookie settings

Plasteurope.com is a business information platform for the European plastics industry. It is part of KI Kunststoff Information and PIE Plastics Information Europe, one of the leading content providers for the European plastics industry. We offer daily updated business news and reports, in-depth market analysis, polymer prices and other services for the international plastics industry, including a suppliers guide, career opportunities, a trade name directory and videos.

News | Polymer Prices | Material Databases | Plastics Exchange | Suppliers Guide | Jobs | Trade Names | Videos | Associations & Institutions | Register | Advertising

PIE – Plastics Information Europe | KI – Kunststoff Information | KunststoffWeb | Plastics Material Exchange | Polyglobe | K-Profi
© 2001-2021 by Plasteurope.com, Bad Homburg
Date of print: 14.06.2021 17:12:02   (Ref: 967596051)
Text and images are subject to copyright and other laws for protection of intellectual property.
Any duplication or distribution in any media as a whole or in parts requires prior written approval by Plasteurope. URL: http://www.plasteurope.com/news/detail.asp