The EQUATE Group reported its Q1-2018 financial results (unaudited), with EBITDA of $577mn, up by 22% from Q1-2017, net profit of $435mn, up 41% from Q1-2017 and NIAT of $425mn, up from $308mn in Q1-2017.
These were the EQUATE Group’s best quarterly results since the Group’s inception. The EQUATE Group combines the Kuwait-based EQUATE Petrochemical Company and its subsidiaries MEGlobal, Equipolymers and The Kuwait Olefins Company.
EQUATE’s performance was driven by a robust polyethylene market demand in all regions, a sharp price increase in monoethylene glycol due to tight global supply conditions and excellent operational reliability in Kuwait, Canada and Germany.
“This remarkable achievement demonstrates the ability of EQUATE personnel across the globe to deliver operational excellence consistently,” said the EQUATE Group’s president and CEO, Dr Ramesh Ramachandran.
“We have been able to deliver on the cost and growth synergies identified after the MEGlobal acquisition, and our shared strategies on innovation and optimisation of the ethylene glycol plants enabled several operational breakthroughs in Q1. Our focus remains on safe and reliable operations as we head into the next quarter.”
EQUATE’s construction on its new world-scale MEGlobal ethylene glycol plant in Oyster Creek, TX, USA, remains on track, with completion expected in the 2nd half of 2019.