Sir Jim Ratcliffe's Ineos has skipped dividend payments for the second year running as shipping costs associated with the Middle East conflict exacerbate losses.
The group's pre-tax loss jumped drastically from $71.1million to $593.1million, The Times reports.
Ratcliffe last month warned the petrochemicals industry is facing "challenging market conditions", and Ineos has now been forced to delay the delivery of a new plant in Belgium due to "volatility" in global energy markets.
Ineos' financial report reveals a notable drop-off in revenue, with the group's European earnings before exceptional items down from €470.2million in 2024 to €252.3million in 2025.
Overall revenues fell to €14.3billion from €16.2billion, with revenues in its European business dropping by more than 9% to €725.9million. As of the end of December 2025, its net debt was €11.7billion.
The group's annual report stated: “Given Iran’s strategic position near the Strait of Hormuz, through which a material portion of global crude oil and LNG supply transits, these military actions have resulted in increased volatility in global energy markets, with initial market responses including increases in oil and gas prices.
“Any prolonged continuation, escalation or expansion of hostilities in the region could adversely affect global supply chains, commodity prices and macroeconomic conditions relevant to our business operations and financial results.”
FSTE100
The UK's flagship share index, the FTSE 100, was up 155 points at 10,137 shortly after opening this morning.
Brent crude oil futures were down 1.61% at $107.01 a barrel.
Companies reporting today
- A G Barr - Full Year Results
- Metlen Energy & Materials - Full Year Results
- Princes Group - Full Year Results
- Raspberry Pi Holdings - Full Year Results