Earnings on the rise at petrochemicals giant Ineos

Ineos, led by Jim Ratcliffe, has assets spanning 27 businesses, including the Grangemouth refinery. Picture: Greg Macvean

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Ineos, the petrochemical group behind the Grangemouth refinery, has banked a record full-year profit.

The firm said that it generated underlying earnings of €4.3 billion (£3.7bn) last year, a figure “only rivalled by the very biggest names in the industry”, while also repaying €1.2bn of debt.

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Jim Ratcliffe, the billionaire founder and chairman of the group, which comprises 27 businesses, 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.”

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The firm has just closed its latest debt financing and repricing, which included raising €1.4bn of new loans and repricing €3bn of existing debt. The new borrowings will save the group more than €100 million a year.

Ratcliffe added: “Ineos is a unique business. We only set it up 18 years ago, and it has never floated.”

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