Borouge posts USD 1.1 bn 2025 net income despite pricing pressure

Adnoc petrochemicals JV Borouge ended 4Q 2025 on firmer footing, posting net income of USD 330 mn, down 0.1% y-o-y but up 12% q-o-q, while revenue rose 3% y-o-y to USD 1.7 bn, up 16% q-o-q, according to its management discussion and analysis report (pdf) and earnings release (pdf). Record production and sales volumes, up 21% to 1.6 mn tonnes, helped cushion an 8% y-o-y drop in realized prices amid softer global benchmarks.

FY 2025: Net income reached USD 1.1 bn, down 11% y-o-y, while revenue slipped 3% y-o-y to USD 5.9 bn as pricing weakened. Volumes did much of the stabilizing, with record sales of 5.4 mn tonnes (+1% y-o-y) after output rebounded in the second half following planned maintenance earlier in the year. Production ran above normal output, coming in at 5.1 mn tonnes, while infrastructure solutions accounted for 39% of total volumes.

Dividends: Borouge reiterated plans to pay a FY 2025 dividend of 16.2 fils per share, subject to shareholder approval, with the second-half payout due in April 2026.

Looking ahead: Management expects polyolefin pricing to remain soft in the near term but sees Asia Pacific and the Middle East outperforming developed markets. With no major turnarounds planned in 2026, Borouge predicts 105% average utilization alongside a gradual ramp-up of Borouge 4 facilities.

DAE records positive FY 2025 results

DAE had a good FY 2025: Dubai Aerospace Enterprise (DAE) saw its bottom line jump some 47% y-o-y to USD 702.2 mn in FY 2025, which management attributed to stronger operating performance and fleet expansion, according to an earnings release (pdf). The firm’s revenues climbed nearly 21% y-o-y to USD 1.7 bn over the same period, largely driven by higher lease revenues from newly acquired aircraft.

Fleet change-ups and milestone acquisitions marked the year. DAE onboarded 280 jets and shed 111 — with their fleet of owned and managed aircraft rising 38% y-o-y to 604 planes. The firm finalized its full acquisition of Ireland-based Nordic Aviation Capital (NAC) in May for an enterprise value of USD 2 bn. NAC’s fleet comprised 252 assets as of September 2024, leased to about 60 airlines in 40 countries.

More to come? DAE locked in some USD 3.9 bn in long-term debt financing across various public and private transactions. The firm saw strong demand for its latest debt issuance, securing USD 600 mn in a seven-year bond, alongside a USD 300 mn, three-year unsecured loan from Bank of China in June of last year.

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