Date/Time
Date(s) - 05 February 2018
12:00 am
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EQUATE Group announces financial results for 2017, reporting a net profit of USD 1.13 billion for the year
Kuwait – 5 February 2018: EQUATE Group, a global petrochemical producer, today reported its 2017 financial results. The Group reported an EBITDA of USD1.73 billion, up 47% from last year, and a net profit of USD1.13 billion for 2017, up by 66% 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 & 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
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Disclaimer
This earnings announcement (the Announcement) is for information only. The Announcement is based on unaudited financial information of EQUATE Petrochemical Co. K.S.C.C. and The Kuwait Olefins Co. K.S.C.C. (together with their consolidated subsidiaries, the EQUATE Group) which is subject to change without notice and the accuracy thereof is not guaranteed. The audited financial statements of the Group for the year ended 2017 are not currently available for publication but will be published by the EQUATE Group in due course. The information in the Announcement does not intend to contain all material information concerning the financial status of the EQUATE Group. We do not make any representation regarding, and assume no responsibility or liability (however arising and regardless of nomenclature) for, the accuracy or completeness of, or any errors or omissions in, any information contained in the Announcement.
Historical and current performance data are not necessarily indicative of future performance. Information contained in this Announcement may refer to forward-looking statements. The views in the Announcement are based on current assumptions which are subject to various risks and may change over time, as such we make no representations in respect of the correctness, accuracy, and/or completeness of such assumptions. Further, no assurance can be given that future events will occur, and/or that projections (if any) will be achieved. Past performance is not a reliable indication of future performance. Actual results may differ materially from those projected. The Announcement shall not be considered, or in any way construed, as an offering of securities.