EQUATE’s FY-2013 net profit at US$1.245 bln, rising 14% year on year

03-Mar-14

EQUATE Petrochemical Company has announced a net profit of US$1.245 bln for FY 2013, with a 14% increase in comparison with US$1.09 bln achieved in 2012. EQUATE President & CEO Mohammad Husain said, “These profits were realized due to absolute integration between all commercial, industrial, administrative and other elements at the company, as well as global demand for petrochemical products, all of which despite several challenges both locally and regionally. For the first time in EQUATE’s history, overall sales value exceeded USD 2.88 billion which is due to distinguished performance at all levels as an embodiment of our tagline of ‘Partners in Success’ with all relevant stakeholders within and outside Kuwait.” Husain added, “The year 2013 witnessed several milestones in EQUATE’s history as it launched the polyethylene (PE) plant debottlenecking project which is expected to be completed during 2015 to increase its current capacity of 825,000 metric tons annually (MTA) while focusing on increasing and optimizing its production capacities relevant to products of ethylene, polyethylene and ethylene glycol. All of which being in the light of EQUATE 2020 Strategy that includes three main stages with the first - focusing on qualifying relevant human resources, the second - preparing to enter the international scene and the third is venturing into the global arena. The first phase is all about creating as much added-value from current facilities, while the second and third are all about making EQUATE have greater global presence, with all stages focusing on distinguished human resources, especially Kuwaitis, through being more specialized and optimum utilization of technology within a creative, innovative and sustainable work environment.” Established in 1995, EQUATE is an international joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Commencing production in 1997, EQUATE is the single operator of a fully integrated world-scale manufacturing facility producing over 5 mln tpa of high-quality petrochemical products which are marketed throughout the Middle East, Asia, Africa and Europe.