Proge PLC has reported a remarkable 52% increase in its net profits for the third quarter of 2025 compared to the previous quarter, reaching 1.08 billion dirhams ($295 million), exceeding market expectations. This surge was fueled by record production levels, robust sales, and stable profit margins following the successful completion of scheduled maintenance at the Proge 3 facility in the second quarter.
Adjusted earnings for the third quarter rose to 2.07 billion dirhams ($565 million), before accounting for interest, taxes, depreciation, and amortization, showcasing strong profit margins at 39%, up from 34% in the prior quarter.
These impressive margins reflect significant sales volumes, the lowest operational costs in the sector, and strong pricing premiums. Despite a decrease in average selling prices compared to the previous quarter, Proge achieved pricing premiums of 855 dirhams ($233) per ton for polyethylene and 521 dirhams ($142) per ton for polypropylene during the first nine months of 2025.
For the nine-month period ending in 2025, Proge generated revenues totaling 15.32 billion dirhams ($4.17 billion), down from 16.18 billion dirhams ($4.41 billion) in the same timeframe in 2024. This decline was attributed to lower average selling prices, which was countered by an increase in production volume.
Adjusted profits amounted to 5.77 billion dirhams ($1.57 billion) before deducting interest, taxes, depreciation, and amortization, while net profits reached 2.82 billion dirhams ($769 million), supported by effective cost management and improved operational efficiency.
Hazeem Sultan Al Suwaidi, the CEO of Proge, stated that the outstanding results of the third quarter reinforce Proge’s position as the most profitable polyolefins company globally, achieving over 50% growth in net profits despite market challenges. The company benefitted from strong operational performance and record production levels following successful maintenance activities in the second quarter and its high cost management efficiency.
He further noted that Proge’s strong conversion rates of profits into cash flow bolster its standing among companies offering attractive dividend returns in the Abu Dhabi Securities Market, reiterating its commitment to increasing dividends to 16.2 fils per share for 2025.
Proge continues its expansion projects, with completion rates for the massive Proge 4 project exceeding 90%. The first production unit is expected to commence operations by the end of this year, and once fully operational, it will add an annual production capacity of 1.4 million tons, enhancing Proge’s ability to achieve sustainable profits and expand its market presence.
This project is set to become a key asset within the Proge International Group, which is expected to take ownership of the project at cost upon its completion.
Since the beginning of the year, Proge has successfully generated added value of 1.75 billion dirhams ($477 million) through its artificial intelligence and digital transformation initiatives, aiming to reach 2.11 billion dirhams ($575 million) by the end of 2025.
As part of this strategy, Proge collaborates with Yokogawa and Honeywell to implement a pilot project for autonomous control room operations supported by AI at its Ruwais facility in Abu Dhabi, paving the way for the launch of the first AI-driven control room in the petrochemical sector.