KUWAIT, April 2, 2020 — The EQUATE Group, a global producer of petrochemicals and the second largest producer of Ethylene Glycol in the world announced its Q4 2019 and full-year this week. EQUATE reported $335 million in EBITDA, a 22% decrease from $427 million in Q4 2018, and $825 million in revenue, a 22% decrease from $1,069 million in Q4. Net income after tax stood at $186 million in Q4 2019, a 36% decrease from $292 million in the same period last year.
Commenting on the results, Dr. Ramesh Ramachandran, CEO and President of the EQUATE Group, said: “Global headwinds in commodity markets in 2019 negatively impacted results, compared to 2018. However, our global footprint with ethane-based ethylene provides us with a highly competitive cost position to withstand the current market conditions.
“In addition, the start-up of our new 750,000-metric ton ethylene glycol facility in Oyster Creek, TX ahead of schedule and within budget, was a testimony to the ability of EQUATERS to deliver and exceed expectations. Shipping of volume to customers from the new facility began in November.”
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 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 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.