Despite the continuous regional disturbances, Borouge Plc reported its results for the third quarter (Q3) of 2026, showing a return to production with average utilisation rising from 60% in Q2 to 76% in Q3 and sales volumes rising by 22% quarter-over-quarter (QoQ). Without relying on the Strait of Hormuz, the company proceeded to send all of its products to clients using alternate logistics methods. Higher sales volumes counteracted a drop in average realised selling prices, resulting in a 3% QoQ gain in revenue to Dhs5.3 billion ($1.4 billion).
For the third quarter of 2026, net profit was Dhs399 million ($109 million) and adjusted EBITDA was Dhs1.02 billion ($279 million). EBITDA margins were impacted by lower average realised selling prices, which reflected the decline in global polyolefin benchmark prices, which represent HDPE Blow Moulding NEA CFR and PP Raffia NEA CFR prices (CMA), as well as ongoing high freight, logistics, and propylene feedstock costs, even though higher sales volumes supported performance.
For the duration of the quarter, Borouge’s assets were completely accessible. By the end of the quarter, the variables that affected Q3 performance had considerably improved. Due to increased feedstock supply and higher worldwide polyolefin benchmark prices in October compared to Q3 2026, utilisation surpassed 90% in October.
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