Group posts 56% hike in H1 net income
KUWAIT CITY, Aug 5: EQUATE Group, a global producer of petrochemicals, reported its highest second quarter earnings in its history. Net income for the EQUATE Group for 2Q, 2018 was $427 million, up 75 per cent compared to the same period in 2017. Total revenue was $1.26 billion for 2Q, 2018, up 37.5 per cent compared to Q2, 2017. EBITDA for Q2 was $570 million in 2018, compared to $383 million in second quarter of 2017, an increase of 48.7 per cent.
For the first half of the year, the EQUATE Group realized a record breaking EBITDA of $1.15 billion, an increase of 34 per cent over the same period last year. First half net income was $862 million, up 56 per cent from H1 of 2017.
Dr Ramesh Ramachandran, President and CEO of EQUATE, said, “EQUATE’s higher earnings in second quarter of 2018 were primarily driven by high prices in EG across the globe and a very good pricing environment in the PE and PET businesses.
Operational reliability in the second quarter continued to be excellent which enabled us to capitalize on the high prices. Safe operations remain our number one priority globally. Good cost control and the cost and growth synergies from the MEGlobal merger have also enabled EQUATERs to deliver an outstanding quarter.”
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