The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of Ethylene Glycol announced its earnings for the first half of 2022, said the company.
The EQUATE Group reported total revenue of USD2,238 million in H1 2022, compared to USD2,041 million during the same period in 2021. The Group also reported a net income after tax of USD537 million and EBITDA of USD855 million, compared to USD543 million and USD869 million, respectively for 2021.
Despite various macro-economic challenges, including the COVID-19 lockdown in China, the geopolitical conflict, and potential recessionary sentiments, EQUATE Group continues to prove that it is well positioned to adapt to market dynamics while advancing its long-term sustainable strategy.
Commenting on the results, Naser Aldousari, President & CEO of EQUATE Group, said: “Our positive performance reflects the strength and agility of our business portfolio, as well as the remarkable efforts of the EQUATE team in maintaining the well-being and safety of our team and the communities in which we operate.
“While current market dynamics remain challenging, we continue to identify and capitalize on areas of underlying strength. Similarly, the competitive position of EQUATE’s global assets has enabled us to operate at maximum capacity and, with our global multi-sourcing capabilities, successfully continue to ship our products to customers."
EQUATE Group’s results reflect their uncompromising focus on reliability and their proactive actions in navigating supply chain challenges and market dynamics to deliver our long-term sustainable strategy.
We remind, EQUATE Group, a global producer of petrochemicals, has signed a Memorandum of Understanding (MoU) with Omniya Project Management Company, a plastic recycling firm, in a bid to help close the loop on the plastics economy through the implementation of a joint community recycling program. Signed by Naser Aldousari, President & CEO of EQUATE Group, and Sanaa AlGhemlas, CEO of Omniya, the agreement marks the strengthening of a collaborative partnership to develop and support environmental initiatives in Kuwait to minimize resource consumption and reduce waste.
mrchub.com