Mubasher: EQUATE Group achieved $250 million in earnings before interest, tax, depreciation and amortization (EBITDA) in the first quarter (Q1) of 2020, down by 15% annually from $294 million in Q1-19, as shown by the group’s unaudited financial statements.
The group posted an 18% drop in revenues to $729 million in Q1-20, compared with $889 million in the corresponding period in 2019, according to a company press release.
The net income after tax of the Kuwait-based producer of petrochemicals recorded slumped by 47% in the three-month period ended 31 March 2020 to stand at $97 million.
EQUATE’s facilities around the world continued to operate safely despite several external challenges, notably the global coronavirus (COVID-19) pandemic and the extreme oil price fluctuations, the company added.
