Date(s) - 02 August 2018
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Kuwait, 2 August 2018 – Today the 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 USD $1.15 billion, an increase of 34 per cent over the same period last year. First half net income was USD $862 million, up 56 per cent from 1H 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.”
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.
Outside North America:
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 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.