Borouge will be listed in Vienna by 2027, according to Austria's OMV.
Austrian oil and gas and chemicals group OMV beat market expectations on net income Wednesday. Its chemicals division was the main driver. Borouge, which recently merged, will be listed in Vienna by 2027.
Analysts cited good results in a difficult market environment as the reason for OMV's 3% rise at 1325 GMT. Abu Dhabi National Oil Company and OMV decided in March last year to combine their polyolefin business to create Borouge Group International, a chemicals giant with a $60 billion enterprise value.
Reinhard Florey, OMV's chief financial officer, said at a press conference following the earnings report that the company needs a few quarters to consolidate, create synergies and create market opportunities. Then, they will be able to list in Abu Dhabi first, then in Vienna.
He added, "We expect that the listing will take place in Vienna in 2027. Probably at the end." OMV reported clean net income for 2025 of 1,94 billion euros, or $2.29 billion. This was 2.6% above the average analyst estimate, according to a poll conducted by the company. Clean results are based on current costs of supply, and exclude 'one-off items' and short-term gains or losses from energy inventories.
OMV's Chemicals division posted a profit of 784 millions euros in the last year. This is up 71% from 2024 and above analyst expectations of 767million euros.
Chemicals are used to make?car parts, medical syringes, and?gas and?water pipes.
The company announced that it would propose an overall dividend of 4,40 euros per share. This is slightly higher than the market expectation of 4,35 euros per shares.
(source: Reuters)
