EQUATE’s net profit of US$1.05 bln for 2011 is a 20% increase over 2010 figures

02-Mar-12

EQUATE Petrochemical Company announced a net profit of $1.05 billion for the fiscal year ending December 31, 2011, which is a 20% increase over what was achieved in 2010. This can be attributed mainly to a global rise in the prices of petrochemical products Following its Board and General Assembly meetings held in Kuwait, EQUATE President & CEO Hamad Al-Terkait said, “These profits were realized due to operational excellence at all production units, as well as the increase in prices of petrochemical products globally as a result of stability in demand. For the first time in EQUATE’s history, sales value in 2011 has exceeded US$2.5 bln which was a result of overall organizational efficiency at EQUATE as a world-class petrochemical Company, starting from production to sales and supply chain with a perfect fit partnership with its local and global customers.”