Mubasher: EQUATE Group on Sunday reported a strong set of results for the fourth quarter of 2018 and full-year 2018.
The Kuwait-based petrochemical giant achieved an EBITDA of $427 million in Q4-18, a rise from $388 million for the same period in 2017.
For 2018, EQUATE’s total EBITDA surged to a record high of $2.12 billion compared to $1.73 billion in 2017, it said in a statement.
Meanwhile, net income after tax rose to $1.56 billion last year from $1.13 billion in 2017.
“The record-breaking EBITDA was a result of extraordinary performance across all functions. We had an exceptionally safe year without any recordable EH&S incidents across the globe, a manufacturing volume record at all global sites and a very good pricing environment - notably in the first three quarters - and excellent cost optimisation,” stated EQUATE Group CEO Ramesh Ramachandran.
As for the group’s outlook for 2019, the CEO said that global headwinds in commodities along with high volatility from uncertainty regarding tariffs have resulted in a slowdown in Q4-18, a slowdown that was likely to continue in 2019.
“That said, EQUATERS have always overcome challenges and I have every confidence that their expertise and commitment will continue to result in success,” Ramachandran stressed.
EQUATE previously reported a 22% year-on-year rise in profits to $406 million in the third quarter of 2018.
EQUATE is the world’s second largest producer of ethylene glycol (EG), a position it has maintained in 2018, having produced EG of 2.5 million metric tonnes.
The Kuwait-based chemical maker further said it would bolster this position in the coming months with an additional 750,000 metric tonnes of EG capacity as its new Oyster Creek, Texas site plant begins production.
