KUWAIT CITY, Feb 5: EQUATE Group, a global petrochemical producer, reported its 2017 financial results. The Group reported an EBITDA of $1.73 billion, up 47 percent from last year, and a net profit of $1.13 billion for 2017, up by 66 percent from the previous year. The EQUATE Group combines the Kuwait-based EQUATE Petrochemical Company and its subsidiaries, and The Kuwait Olefins Company (TKOC). The earnings mark the second year since EQUATE’s acquisition of MEGlobal, a manufacturer of Ethylene Glycol (EG).
EQUATE Group’s President and CEO, Dr Ramesh Ramachandran, said, “2017 was one of our best year where our people delivered on all fronts. The results were primarily driven by a rebounding EG price, new customer optimization in our Polyethylene (PE) portfolio, and a strong recovery in our Polyethylene Terephthalate (PET) business in Europe.
The year 2017 was indeed a milestone year. We maintained our leadership position as the second largest producer of EG globally, with an EG production of over 2.5 million metric tons. This market leadership will be further strengthened next year with an additional 750,000 MT in EG capacity as our new US Gulf Coast (USGC) facility comes on line.
From safe and reliable operations to record-breaking conversion efficiencies, relentless focus on our fixed costs and a solid marketing platform across the globe, in 2017 EQUATE made great advancements and set stronger foundations for the Group’s continued growth.”
The EQUATE Group is a global producer of petrochemicals and the world’s second largest producer of Ethylene Glycol (EG). The Group has industrial complexes in Kuwait, North America and Europe that annually produce over 5 million tons of Ethylene, EG, Polyethylene (PE) and Polyethylene Terephthalate (PET). The products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders include Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). The Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society. www.equate.com.
The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), its subsidiaries and The Kuwait Olefins Company (TKOC).
The Group has an investment-grade rating of Baa2 from Moody’s and BBB+ from Standard & Poor’s.