Equate posts solid 2021 growth; revenue surges 46pc to $4bn
KUWAIT CITY, February 21, 2022
Equate Group, a global producer of petrochemicals and the world’s leading supplier of ethylene glycol, has reported solid growth for 2021, netting a revenue of $4.16 billion, up 46% when compared to the 2020 figures of $2.92 billion.
Announcing its full-year earnings for 2021, Equate said its total ebitda surged to hit $1.74 billion over the previous year's figures of $945 million, while its net income after tax surged to $1.11 billion from $358 million.
Steadily affirming its global competitive position amid a healthy recovery of global markets in 2021, the Kuwaiti group’s global footprint has enabled reliable and efficient delivery of its quality products to customers worldwide, maintaining its market-leading position.
"Equate Group delivered a strong 2021 performance," remarked Naser Aldousari, the President and CEO of Equate Group.
"As a result of the extraordinary efforts from our cross-functional team across the globe, we continue to deliver exceptional safety, production and sales performance. We met each challenge during the year with the resilience and determination to emerge stronger," stated Aldousari.
"With global disruptions still a reality, Equate Group has continued to build on its competitive advantage, propelled by its stakeholders’ continuous support, extensive geographic footprint, ethane-based feedstock supply, cost optimization, and the team capabilities," he added.
A major global player in the petrochemical sector, Equate owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tonnes of ethylene, polyethylene, polyethylene terephthalate, styrene monomer, paraxylene, heavy aromatics and benzene. It employs more than 1,500 people worldwide.
The Group includes Equate Petrochemical Company (Equate), The Kuwait Olefins Company (TKOC), as well as a number of subsidiaries such as MEGlobal and Equipolymers.
Its major shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC).-TradeArabia News Service
