Today Borealis published its combined non-financial/sustainability and financial report for the year 2020.
With a net profit of EUR 589 million in 2020, Borealis achieved a strong financial result and demonstrated its resilience in an extraordinary year: a global market reeling from the effects of the coronavirus pandemic and an unprecedented slump in the price of oil in the first months of the year. Yet polyolefin sales volume growth for Borealis and its joint ventures, Borouge and Baystar™ points to robust demand for its innovative products, even in the most challenging of market environments.
The new global Group Strategy 2035 rolled out at the beginning of 2020 encapsulates the company’s commitment to achieving sustainable growth in the long term: “Life demands progress – we are re-inventing for more sustainable living.”
Despite disruptions to infrastructure and supply chains around the world caused by the pandemic, Borealis continued to make good progress on its major growth projects.
Through its dedication to Value Creation through Innovation and customer-centricity, Borealis has accelerated the shift to plastics circularity by developing and launching a wide range of material solutions in the circular economy sphere. Its own extensive investment in mechanical and chemical recycling will now be augmented by new synergistic effects to be gained through the closer relationship with OMV.
Borealis’ management has also set ambitious goals to counter climate change by using a higher share of energy derived from renewable sources in its operations, significantly increasing energy efficiency and reducing flaring.
Learn more about our performance in 2020:
The full report is available for download in English and German language here
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