Kuwait-Mubasher: EQUATE Petrochemical Co., Kuwait's first international joint-venture in this industry, posted net profits of $739 million for the fiscal year ended 31 December 2015, compared with $1.04 billion in 2014.
"EQUATE's human capital exemplified being 'Partners in Success' throughout all challenges in 2015. Their sustainability-based innovative approach and strategic outlook served the benefits of all stakeholders," said CEO Mohammad Husain.
He noted that his company achieved excellent results in industrial operations, production, maintenance, as well as overall reliability in human capital, processes and equipment.
In addition, EQUATE achieved the objective of going global by acquiring MEGlobal, an international petrochemical company with global presence and growth opportunities.
"Other highlights include achieving total sales revenues exceeding $2.3 billion, and strengthening its presence in several markets by enforcing its customer-base, both locally and globally," the CEO said.
EQUATE has contributed to the growth of the local plastics industry by over 400% from 1998 to 2015, and has supported Kuwaiti plastic converters to launch export operations of their products to several countries around the world.
