KUWAIT, February 15, 2024 — The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of Ethylene Glycol, announced its full-year earnings for 2023 this week.
The EQUATE Group reported a total revenue of US$3,135 million in 2023, compared to US$3,947 million in 2022. The Group also reported a net income after tax of US$308 million and EBITDA of US$862 million, compared to US$611 million and US$1,217 million, respectively, for 2022.
While the industry continued to face challenging market conditions, that included macroeconomic uncertainty and cascading effects on global supply and demand, EQUATE performance remained resilient. Leveraging its regional and business strengths and initiatives, as well as its competitiveness, EQUATE capitalized on strong demand growth in higher-value regional markets.
Commenting on the results, Naser Aldousari, President & CEO of EQUATE Group, said: “In 2023, EQUATE Group delivered strong operational performance and completed major turnarounds and maintenance programs while mitigating the impact on performance, despite significant headwinds encountered by the industry across several fronts. EQUATE Group has emerged both stronger and more resilient.
“Our global reliability and the safety of our operations remained uncompromised, and the successful execution of major turnarounds and targeted capital spending contributed to our operational efficiencies, safety and the well-being of our teams, as well as our neighbouring communities and the environment.”
EQUATE Group’s results reflect their uncompromising focus on reliability, close collaboration with stakeholders, and their proactive actions in navigating challenges and market dynamics to deliver a long-term sustainable strong performance.
-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.