Mubasher: Equate Group achieved a net profit worth $1.13 billion in fiscal year 2017, higher by 66% when compared to 2016, according to a recent statement.
The Kuwait-based global petrochemical producer registered an EBITDA of $1.73 billion, up 47% from FY16.
EQUATE Group consists of Kuwait-based Equate Petrochemical Company and its subsidiaries, and The Kuwait Olefins Company (TKOC).
The FY17 profits mark the second year since Equate’s acquisition of MEGlobal, a manufacturer of Ethylene Glycol (EG).
Equate Group’s President & CEO Ramesh Ramachandran said, “. We maintained our leadership position as the second largest producer of EG globally, with an EG production of over 2.5 Million metric tons. This market leadership will be further strengthened next year with an additional 750,000 MT in EG capacity as our new US Gulf Coast (USGC) facility comes on line.”
Equate is considered the world’s second largest producer of Ethylene Glycol (EG), with an investment-grade rating of ‘Baa2’ from Moody’s and ‘BBB+’ from Standard & Poor’s.
