EQUATE realizes USD 739 million net profit in 2015
EQUATE Petrochemical Company, Kuwait's first international joint-venture in this industry, announced understanding a net profit of USD 739 million for the fiscal year ending 31 December 2015, in comparison to USD 1.04 billion achieved in 2014.
EQUATE President & CEO Mohammad Husain said, "EQUATE's human capital exhibited being 'Partners in Success' throughout all challenges in 2015. Their sustainability-based innovative method and strategic outlook served the benefits of all stakeholders.".
Husain noted, "We achieved excellent lead to industrial operations, production, upkeep, in addition to overall reliability in our human capital, procedures and devices. In addition, EQUATE accomplished the objective of going worldwide by acquiring MEGlobal, a global petrochemical business with worldwide existence and development chances.".
Husain explained, "Other highlights consist of EQUATE attaining a total sales profits surpassing USD 2.3 billion, and enhancing its existence in several markets by implementing its customer-base, both locally and globally. RELATE has added to the development of the regional plastics industry by over 400 % from 1998 to 2015, and has actually supported Kuwaiti plastic converters to introduce export operations of their products to several nations all over the world. Additionally, our 2014 Sustainability Report has actually set priority in Kuwait by finishing Global Reporting Initiative's Materiality Disclosures Service concerning the feedback of EQUATE's stakeholders on its sustainability efforts and other applicable items.".
Petrochemical markets throughout the world, consisting of Kuwait, went through severe variations due to oil costs falling below USD 30 for an average of less than USD 50 throughout 2015. Our per-ton budget forecast for our items was an average of nearly USD 960, yet the real global market rate balanced at about USD 870.".
Husain revealed utmost appreciation and appreciation to EQUATE's shareholders, Board of Directors, all employees and everybody who contributed to the Company's general accomplishments through embodying "Partners in Success.".
