Date/Time
Date(s) - 09 May 2018
12:00 am
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KUWAIT – The EQUATE Group, a global producer of petrochemicals, today reported its Q1, 2018 financial results (unaudited), with EBITDA of $577 million (USD), up by 22% from Q1, 2017, net profit of $435 million (USD), up 41% from Q1, 2017. These were the EQUATE Group’s best quarterly results since the Group’s inception. The EQUATE Group combines the Kuwait-based EQUATE Petrochemical Company and its subsidiaries MEGlobal, Equipolymers and The Kuwait Olefins Company (TKOC).
EQUATE’s performance was driven by a robust polyethylene (PE) market demand in all regions, a sharp price increase in Monoethylene Glycol (MEG) due to tight global supply conditions and excellent operational reliability in Kuwait, Canada and Germany.
“This remarkable achievement demonstrates the ability of EQUATE personnel across the globe to deliver operational excellence consistently,” said the EQUATE Group’s President & CEO, Dr. Ramesh Ramachandran. “We have been able to deliver on the cost and growth synergies identified after the MEGlobal acquisition, and our shared strategies on innovation and optimization of the ethylene glycol plants enabled several operational breakthroughs in Q1. Our focus remains on safe and reliable operations as we head into the next quarter.”
EQUATE’s construction on its new world-scale MEGlobal ethylene glycol plant in Oyster Creek, TX, remains on track, with completion expected in the 2nd half of 2019.
About EQUATE Group
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 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.