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Petrochemical giant Ineos – which operates facilities in Grangemouth – has announced net profits of £472 million.

After posting a net loss of £226 million back in 2020, the firm has reportedly soared to record profits of almost £500 million in 2021.

Ineos stated it benefited from the average gas prices rising by 264 per cent to 91p per therm during the period and prices are said to have grown further since then.

Revenue from the firm's operations in the North Sea shot up from £167million to £514million over the period.

Ineos made a net profit of £472 million last year

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Fellow energy giants BP and Shell also reported huge profits earlier this year.

The announcement of the record profits for Ineos comes at a time of mounting concern rising energy prices will lead to fuel poverty for millions of residents throughout the UK this winter.

They also follow on from Ineos owner, the billionaire Sir Jim Ratcliffe, reportedly showing an interest in purchasing Manchester United football club.

Grangemouth petrochemical complex owners Ineos announce almost £500 million of profits

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