KUWAIT: The EQUATE Group, a global producer of petrochemicals, yesterday announced its Q3 2019 unaudited earnings, reporting $264 million in EBITDA, a 52 percent decrease from $547 million in Q3 2018, and $811 million in revenue, a 35 percent decrease from $1,247 million in Q3. Net income after tax stood at $143 million in Q3 2019, a 65 percent decrease from $406 million in the same period last year.
Commenting on the results, Dr Ramesh Ramachandran, CEO and President of the EQUATE Group, said: “We continue to see steady demand in the market but are experiencing compressed margins due to uncertainty related to tariffs notably in Asia. EQUATE’s lowest cost position at all of its assets across the globe allows us to continue to run at maximum rates.
He added: “We are very pleased to announce the startup of the MEGlobal Oyster Creek, TX site in October, 2019, ahead of schedule and in line with budgets, once again demonstrating EQUATE’s operational excellence and ability to deliver on its commitments to customers and shareholders.”
The EQUATE Group is a global producer of petrochemicals and the world’s second largest producer of ethylene glycol (EG). The EQUATE Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene, EG, polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ).