KUWAIT, September 1, 2022 — The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of Ethylene Glycol announced its earnings for the first half of 2022.
The EQUATE Group reported total revenue of US$2,238 million in H1 2022, compared to US$2,041 million during the same period in 2021. The Group also reported a net income after tax of US$537 million and EBITDA of US$855 million, compared to US$543 million and US$869 million, respectively for 2021.
Despite various macro-economic challenges, including the COVID-19 lockdown in China, the geopolitical conflict, and potential recessionary sentiments, EQUATE Group continues to prove that it is well positioned to adapt to market dynamics while advancing its long-term sustainable strategy.
Commenting on the results, Naser Aldousari, President & CEO of EQUATE Group, said: “Our positive performance reflects the strength and agility of our business portfolio, as well as the remarkable efforts of the EQUATE team in maintaining the well-being and safety of our team and the communities in which we operate.
“While current market dynamics remain challenging, we continue to identify and capitalize on areas of underlying strength. Similarly, the competitive position of EQUATE’s global assets has enabled us to operate at maximum capacity and, with our global multi-sourcing capabilities, successfully continue to ship our products to customers.”
EQUATE Group’s results reflect their uncompromising focus on reliability and their proactive actions in navigating supply chain challenges and market dynamics to deliver our long-term sustainable strategy.
-ENDS-
ABOUT THE EQUATE GROUP
The EQUATE Group is a global producer of petrochemicals and the world’s leading supplier 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
Disclaimer
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.