Date(s) - 01 November 2018
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Kuwait, 1 November 2018 — 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.
About the EQUATE Group:
The EQUATE Group is a global producer of petrochemicals and the world’s second largest producer of ethylene glycol (EG). The Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene, EG, polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), The Kuwait Olefins Company (TKOC), as well as a number of subsidiaries such as MEGlobal and Equipolymers. Their products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The Group’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society. Visit www.equate.com for more information.
The Group has an investment-grade rating of Baa2 from Moody’s and BBB+ from Standard & Poor’s.
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.