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EQUATE Group announces financial results for 2018

February 05/2019

MOSCOW (MRC) -- EQUATE Group announced its fourth quarter (Q4) 2018 and full-year 2018 earnings, said the compant.

In Q4 2018, the EQUATE Group reported an EBITDA of USD427 million, compared to USD388 million for the same period in 2017. EQUATE Groups total EBITDA for 2018 stood at USD2.12 billion, compared to USD1.73 billion in 2017.  Net Income After Tax for the year was USD1.56 billion, compared to USD1.13 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.

The EQUATE Group is a global producer of petrochemicals and the worlds 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 Groups 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.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil, Equate Petrochemical.
Category:General News
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