EQUATE Group Announces Record-Breaking Second Quarter in 2018, 56 Per Cent Hike in Half Year Profit
Today the EQUATE Group, a global producer of petrochemicals, reported its greatest 2nd quarter profits in its background. Net income for the EQUATE Group for 2Q, 2018 was $427 million, up 75 percent compared with the same duration in 2017.
Total revenue was $1.26 billion for 2Q, 2018, up 37.5 percent compared with Q2, 2017. EBITDA for Q2 was $570 million in 2018, compared with $383 million in 2nd quarter of 2017, a boost of 48.7 per cent.
For the initial fifty percent of the year, the EQUATE Group understood a document damaging EBITDA of USD $1.15 billion, an increase of 34 percent over the exact same period in 2014. First half take-home pay was USD $862 million, up 56 per cent from 1H of 2017.
Dr. Ramesh Ramachandran, President and Chief Executive Officer of EQUATE, said, "EQUATE's higher incomes in second quarter of 2018 were primarily driven by high earnings in EG across the globe and a great pricing setting in the PE and PET organisations. Operational reliability in the second quarter continued to be superb which allowed us to capitalize on the high rates. Safe operations remain our primary top priority globally. Great price control and the cost and development harmonies from the MEGlobal merger have additionally enabled EQUATERs to supply an outstanding quarter."
About EQUATE Group:
The EQUATE Group * is a global producer of petrochemicals and the world's second largest manufacturer of Ethylene Glycol (EG). The Group has commercial complicateds in Kuwait, North America and Europe that every year produce over 5 million lots of Ethylene, EG, Polyethylene (PE) and Polyethylene Terephthalate (PET). The products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The
EQUATE Group's shareholders consist of Petrochemical Industries Company (PHOTO), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). The Group is a leading enterprise that seeks sustainability anywhere it operates through partnerships in fields that include the atmosphere, economy and society. www.equate.com
* The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), its subsidiaries and The Kuwait Olefins Company (TKOC). The Group has an investment-grade score of Baa2 from Moody's and BBB+ from Standard & Poor's.
North America:
Trish Thompson thompspd@meglobal.biz +1 -832 -802 -9767.
Outdoors The United States And Canada:.
: 5661-2576 (965+): 8611-9722 (965+) alhamaay@equate.comOutsideAli Al Hamad.
Diana Kaadan dkaadan@impactecho.com (+965) 9555-3867: (+965) 2496-4440: .
