Record-breaking profit for Ineos

Jim Ratcliffe
Jim Ratcliffe

Petrochemical giant Ineos has reported record profits of €4.3 billion for 2016 up from €4 billion the year before.

The group, which has its headquarters in Grangemouth, also announced that is repaying €1.2 billion from its cash resources.

Jim Ratcliffe, Ineos founder and chairman said: “These figures confirm that Ineos is doing better than ever.

“All the businesses are performing well and our successful refinancing shows that the market is clearly recognising this fact.”

INEOS, which is made up of 27 businesses, has also just closed its latest debt financing and repricing.

This included raising €1.4 billion of new loans and repricing €3 billion of existing debt. The new borrowings will save the group over €100 million a year.

Mr Ratcliffe added: “Ineos is a unique business. We only set it up eighteen years ago, and it has never floated. It’s a tribute to everyone involved – owners, management and staff – that it is now doing so well.”