KUWAIT CITY, Feb 12: EQUATE Petrochemical Company, Kuwait’s first international joint-venture in this industry, announced realizing a net profi t of $739 million for the fiscal year ending 31 Dec 2015, in comparison to $1.04 billion achieved in 2014. EQUATE President & CEO Mohammad Husain said, “EQUATE’s human capital exemplified being ‘Partners in Success’ throughout all challenges in 2015. Their sustainability based innovative approach and strategic outlook served the benefits of all stakeholders.”
Husain noted, “We achieved excellent results in industrial operations, production, maintenance, as well as overall reliability in our human capital, processes and equipment.
In addition, EQUATE achieved the objective of going global by acquiring MEGlobal, an international petrochemical company with global presence and growth opportunities.” Husain explained, “Other highlights include EQUATE achieving a total sales revenue exceeding $2.3 billion, and strengthening its presence in several markets by enforcing its customer-base, both locally and globally.
EQUATE has contributed to the growth of the local plastics industry by over 400% from 1998 to 2015, and has supported Kuwaiti plastic converters to launch export operations of their products to several countries around the world. Additionally, our 2014 Sustainability Report has set precedence in Kuwait by completing Global Reporting Initiative’s Materiality Disclosures Service regarding the feedback of EQUATE’s stakeholders on its sustainability efforts and other applicable items.”
Husain added, “During 2015, the global economy witnessed a number of serious challenges due to the drop of energy prices. Such a decrease impacted several business sectors, including the petrochemical industry. Petrochemical markets throughout the world, including Kuwait, went through serious fluctuations due to oil prices falling below $30 for an average of less than $50 throughout 2015. Our per-ton budget forecast for our products was an average of nearly $960, yet the actual global market price averaged at about $870.” Husain expressed utmost appreciation and gratitude to EQUATE’s shareholders, Board of Directors, all employees and everyone who contributed to the Company’s overall achievements through embodying “Partners in Success.”