Equate net profit surges 14pc to $1.2bn
Kuwait, March 1, 2014
Equate Petrochemical Company, a major player in the petrochemical sector based in Kuwait, has reported a record net profit of $1.25 billion for the fiscal year ending December 31, 2013, up 14 per cent over $1.09 the year before.
Established in 1995, Equate is an international joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC).
For the first time ever in the company's history, the sales value surged to over $2.88 billion despite several challenges both locally and regionally, said a statement from Equate.
Commencing production in 1997, the Kuwait firm is the single operator of a fully integrated world-scale manufacturing facility producing over 5 million tons annually of high-quality petrochemical products which are marketed throughout the Middle East, Asia, Africa and Europe.
Commenting on the performance, president & CEO Mohammad Husain said, “These profits were realized due to absolute integration between all commercial, industrial, administrative and other elements at the company, as well as global demand for petrochemical products, all of which despite several challenges both locally and regionally.”
“For the first time in Equate’s history, overall sales value exceeded $2.88 billion which is due to distinguished performance at all levels as an embodiment of our tagline of ‘Partners in Success’ with all relevant stakeholders within and outside Kuwait,” he remarked.
Last year witnessed several milestones in Equate’s history as it launched the polyethylene (PE) plant debottlenecking project which is expected to be completed during 2015 to increase its current capacity of 825,000 metric tons annually (MTA) while focusing on increasing and optimizing its production capacities relevant to products of ethylene, polyethylene and ethylene glycol, he stated.
"All these comes as part of the 'Equate 2020 Strategy' which are being implemented in three stages. The first is aimed at focusing on qualifying relevant human resources, the second - preparing to enter the international scene and the third is venturing into the global arena," explained Husain.
The first phase is all about creating as much added-value from current facilities, while the second and third are all about making Equate have greater global presence, with all stages focusing on distinguished human resources, especially Kuwaitis, through being more specialized and optimum utilization of technology within a creative, innovative and sustainable work environment,” he added.-TradeArabia News Service