A surge in oil and gas earnings in a major division of Sir Jim Ratcliffe’s Ineos empire has masked a sharp deterioration in its chemicals portfolio and widening losses in its carmaking arm. Ineos Industries, which operates several of the conglomerate’s petrochemicals businesses as well as its energy and automotive companies, reported a pre-tax loss of €2.2bn last year. Revenues in its petrochemicals business dropped 10 per cent to €15bn, with adjusted earnings falling by a quarter to €622mn.
This was offset by a 41 per cent rise in energy division earnings to €935mn, driven by offshore oil and gas production in the UK and US. Ineos said it would idle three UK plants due to 'ridiculously high' energy prices, noting European gas prices were up to 12 times those in the US. The commodity chemicals division Inovyn faced strong competitive pressure from Asian imports and low demand for products like caustic soda.
Ratcliffe, whose conglomerate includes fashion, cars, and ownership of Manchester United, has long criticised Europe’s green agenda. Ineos Industries ended 2025 with €8.4bn of external borrowings and €8.8bn owed to related parties. The automotive division took a €333.5mn impairment charge on the Grenadier 4x4 and delayed the Fusilier SUV due to US tariffs.
Despite challenges, Ineos said it delivered a 'resilient performance' in 2025 and continues long-term investment.
स्रोत: Financial Times Companies · HeadlinesBriefing द्वारा सारांशित