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Equate management team

Equate Group achieves $406m net profit in Q3

KUWAIT, November 2, 2018

Equate Group, a global petrochemical producer, has achieved $406 million in net profit in the third quarter of 2018, reflecting an increase of 22 per cent from the same period in 2017.

The company’s revenue for the quarter was $1.2 billion, up 11 per cent compared to 2017, said a statement from the company.

EBITDA for the third quarter was $547 million, an increase of 12 per cent compared to the same period in 2017, it said.

Ramesh Ramachandran, president and chief executive officer of Equate, said: “Our higher earnings in the third quarter of 2018 were a testament to the hard work and continued discipline and dedication of our employees.”

“We were able to capitalise on a good pricing environment in ethylene glycol (EG), polyethylene (PE) and polyethylene terephthalate (PET) with highly reliable operations,” he said.

“Safety remains our number one priority in all that we do and we recently achieved over 62 million safe work hours. This has been an outstanding quarter,” he added.

Year to date in 2018, the group realised a record breaking EBITDA of $1.7 billion, an increase of 26 per cent, compared to the same period in 2017. Year to date net income was $1.3 billion, an increase of 44 per cent over the same period in 2017, it stated. – TradeArabia News Service

Tags: | profit | Net | Q3 | Equate group |

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