Revenue scores $1.2 billion, up 11% compared to 2017
KUWAIT CITY, Nov 1: The EQUATE Group, a global producer of petrochemicals, reported its 3Q 2018 earnings today. For the third quarter of 2018, EQUATE Group achieved $406 million in net profit, reflecting an increase of 22% from the same period in 2017.
Revenue for the quarter was $1.2 billion, up 11% compared to 2017. EBITDA for the third quarter was $547 million, an increase of 12% compared to the same period in 2017.
“EQUATE’s higher earnings in the third quarter of 2018 were a testament to the hard work and continued discipline and dedication of EQUATERs,” said President & CEO of EQUATE Dr Ramesh Ramachandran. “We were able to capitalize on a good pricing environment in ethylene glycol (EG), polyethylene (PE) and polyethylene terephthalate (PET) with highly reliable operations. Safety remains our number one priority in all that we do and we recently achieved over 62 million safe work hours. This has been an outstanding quarter.” Year to date in 2018, the Group realized a record breaking EBITDA of $1.7 billion, an increase of 26%, compared to the same period in 2017. Year to date net income was $1.3 billion, an increase of 44% over the same period in 2017.