Equate Group posts $3.1bn revenue in 2023; net income down
KUWAIT CITY, February 15, 2024
Kuwait-based Equate Group, a global producer of petrochemicals and the world’s leading supplier of ethylene glycol, has reported a total revenue of $3.1 billion in 2023, compared to $3.9 billion in 2022.
Announcing the results for the 12-month period ended December 31, 2023, Equate said its net income after tax stood at $308 million compared to $611 million the previous year, while its ebitda fell to $862 million from $1.21 billion in 2022.
While the industry continued to face challenging market conditions, that included macroeconomic uncertainty and cascading effects on global supply and demand, Equate said its performance remained resilient.
Leveraging its regional and business strengths and initiatives, as well as its competitiveness, Equate capitalized on strong demand growth in higher-value regional markets, it added.
On the results, President & CEO Naser Aldousari said: "In 2023, Equate Group delivered strong operational performance and completed major turnarounds and maintenance programmes while mitigating the impact on performance, despite significant headwinds encountered by the industry across several fronts."
Amidst the challenging market conditions, Equate Group has emerged both stronger and more resilient, he stated.
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).
"Our global reliability and the safety of our operations remained uncompromised, and the successful execution of major turnarounds and targeted capital spending contributed to our operational efficiencies, safety and the well-being of our teams, as well as our neighbouring communities and the environment," stated Aldousari.
Equate Group’s results reflect their uncompromising focus on reliability, close collaboration with stakeholders, and their proactive actions in navigating challenges and market dynamics to deliver a long-term sustainable strong performance, he added.-TradeArabia News Service
