Kuwait, February 03, 2019 – Today, the EQUATE Group announced its fourth quarter (Q4) 2018 and full-year 2018 earnings. In Q4 2018, the EQUATE Group reported an EBITDA of $427 million, compared to $388 million for the same period in 2017. EQUATE Group’s total EBITDA for 2018 stood at $2.12 billion, compared to $1.73 billion in 2017. Net Income After Tax for the year was $1.56 billion, compared to $1.13 billion in 2017."EQUATERS across the globe defined excellence in 2018,” said Dr. Ramesh Ramachandran, CEO and President of the EQUATE Group. “The record-breaking EBITDA was a result of extraordinary performance across all functions. We had an exceptionally safe year without any recordable EH&S incidents across the globe, a manufacturing volume record at all global sites and a very good pricing environment - notably in the first three quarters - and excellent cost optimization.”Looking ahead to 2019, Ramachandran said, “Global headwinds in the commodity environment and high volatility due to uncertainty of tariffs resulted in a slowdown in the fourth quarter that persists in early 2019. That said, EQUATERS have always overcome challenges and I have every confidence that their expertise and commitment will continue to result in success.”The EQUATE Group maintained its leadership position as the second largest producer of EG globally, with EG production of over 2.5 million metric tons. This market leadership will be further strengthened in the coming months with an additional 750,000 MT in EG capacity as the new Oyster Creek, Texas Site comes on line on the US Gulf Coast.ABOUT THE EQUATE GROUPThe 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. DisclaimerThis 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 2018 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.
Kuwait, January 31, 2019: The Kuwait Styrene Company (TKSC), the first and only Kuwait-based styrene monomer (SM) producer and exporter, today announced realizing a net profit of USD 211 million for the fiscal year ending in December 31, 2018, compared to USD 94 million in 2017.Commenting on the results, TKSC CEO Adel Al-Munifi stated, “TKSC achieved record results in 2018 with an increase of 124% in net profit and a production exceeding our 450,000 metric tons annually (MTA) nameplate production capacity of SM, while we continued to deliver a significant performance in major markets including China, South East Asia and India.”Al-Munifi added, “TKSC’s competitive position witnessed additional growth in 2018 with financial results reflecting continued measures taken to optimize costs and enhance operational reliability and safety, resulting in high-quality production for our expanding customer base. We must note that the US-China trade uncertainty supported firm prices in TKSC’s markets, leading to this unprecedented growth in our overall profitability during 2018.”Since commencing its operations in 2009, TKSC has significantly contributed to the success of its shareholders, as well as to Kuwait’s global industrial and economic presence.Al-Munifi concluded, “I would like to extend utmost gratitude to all TKSC’s shareholders, EQUATE Petrochemical Company, Kuwait Paraxylene Production Company (KPPC) and The Kuwait Olefins Company (TKOC), public institutions and customers for their continued support throughout our remarkable journey.”The Kuwait Styrene Company (TKSC) was established in 2004 as an international joint venture between the Kuwait Aromatics Company (KARO) and the Dow Chemical Company (Dow). TKSC is part of Greater EQUATE, which also includes Kuwait Paraxylene Production Company (KPPC) and The Kuwait Olefins Company (TKOC). The firms are operated by EQUATE Petrochemical Company under one integrated umbrella in Kuwait.
Welcome to the EQUATE Petrochemical Company websiteEQUATE is not only a petrochemical producer, it is an international Joint Venture using best practices in all relevant sectors.EQUATE is a firm believer that overall sustainability requires being “Partners in Success” with all stakeholders. Our stakeholders include our employees, their families, communities, shareholders, government bodies, private organizations, customers, civic bodies and many others who share our Mission, Vision and Values.Throughout this website, you will have an opportunity to familiarize yourselves with this Kuwait-based international success story called EQUATE.Regards,Dr. Ramesh Ramachandran President & CEO
We believe at EQUATE that our employees are the engine of value creation. Their innovative thinking, determination and dedication are essential to our overall growth. This is why we have set forth the principles on diversity and equal opportunities. We believe in the fair distribution of opportunities, assign tasks to those who have the right competencies and qualifications, and foster a culture of respect and acknowledging our similarities and differences. We carry out our programs and policies without background or gender discrimination across all areas, including recruitment, career progression and allocation of projects.
As a global producer of petrochemicals, we ensure that our operations and products help build a better world for tomorrow by providing our global customers with advanced and superior products, and supporting our stakeholders grow in a sustainable world. We’re setting leading examples in best practices, innovation and industrial expertise, while taking responsibility towards our communities.
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