Earnings on the rise at petrochemicals giant Ineos

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

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

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.”

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.”