Equate profit jumps 20pc to $1.05 billion
Kuwait, February 29, 2012
Kuwait's Equate Petrochemical Company has announced a net profit of $1.05 billion for the fiscal year ending December 31, 2011, a 20 per cent increase over what was achieved in 2010.
Following its board and general assembly meetings held in Kuwait, Equate president and CEO Hamad Al-Terkait said: “These profits were realised 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.”
Al-Terkait noted that for the first time in Equate's history, sales value in 2011 exceeded $2.5 billion as a result of the overall organisational efficiency at Equate.
Meanwhile, Equate's board appreciated Al-Terkait's leadership that brought in outstanding global success at all levels since 2001. It also expressed best wishes to Mohammad Husain who will succeed Al-Terkait as Equate CEO during April 2012.
Established in 1995, Equate is an international joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company, Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC).
Equate, which commenced production in 1997, is the operator of a fully integrated world-scale manufacturing facility producing over 5 million tons annually of high-quality petrochemical products which are marketed throughout the Middle East, Asia, Africa and Europe. -TradeArabia News Service