Friday 15 November 2019

Equate net income jumps to $1.56bn in 2o18

KUWAIT, February 3, 2019

Kuwait-based Equate Group reported a net income after tax of $1.56 billion for 2018, compared to $1.13 billion in 2017.
Equate Group’s total EBITDA (earnings before interest, taxes, depreciation, and amortization) for 2018 stood at $2.12 billion, compared to $1.73 billion in 2017.  
The company posted an EBITDA of $427 million for the fourth quarter of 2018, compared to $388 million for the same period in 2017.
“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 optimisation,” said Dr Ramesh Ramachandran, CEO and president of the Equate Group. 
Looking ahead to 2019, Ramachandran said: “Global headwinds in the commodity environment and high volatility due to the 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 ethylene glycol (EG) globally, with a production of over 2.5 million metric tonnes. This market leadership will be further strengthened in the coming months with an additional 750,000 metric tonnes in EG capacity as the new Oyster Creek, Texas, site comes on line on the US Gulf Coast. - TradeArabia News Service


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