EQUATE Group Announces Financial Results for 2020
KUWAIT, March 31, 2021 — The EQUATE Group, a global producer of petrochemicals and the second largest producer of Ethylene Glycol in the world announced its Q4 2020 and full-year 2020 earnings this week.
EQUATE announced its fourth quarter 2020 and full-year 2020 earnings. In Q4 2020, the EQUATE Group reported an EBITDA of U.S.$309 million, compared to U.S.$335 million for the same period in 2019. EQUATE Group’s total EBITDA for 2020 stood at U.S.$945 million, compared to U.S.$1,124 million in 2019. Net Income After Tax for the year was U.S.$358 million, compared to U.S.$638 million in 2019.
Despite global challenges, EQUATE Group’s facilities around the world continued to operate safely and maintain customary production rates. The group remains in a leading cost competitive position and continues to deliver all of its quality products to customers globally.
Commenting on the results, Naser Aldousari, President & CEO of EQUATE, said: “As challenges and headwinds were heightened in 2020 due to the COVID-19 pandemic, the EQUATE Group continued to demonstrate resilience and flexibility in operating safely and successfully through this unusual time.
Additionally, the solid foundational pillars on which the EQUATE Group is built have enabled us to maintain our commitment to customers without jeopardizing the health and safety of our teams as it is always our utmost priority. Looking ahead, we remain focused on enhancing our competitive capabilities with strategic decision making to deliver ongoing value for our shareholders”.
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 EQUATE 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 EQUATE 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
This earnings announcement (the Announcement) is for information only. The announcement is based on 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.