Kuwait - Equate Group, a global producer of petrochemicals and the world’s leading supplier of ethylene glycol, on Wednesday reported a total revenue of $1.518 billion in first half (H1) of 2023, compared to $2.238 billion during the same period in 2022.
Equate reported a net income after tax of $89 million and EBITDA of $377 million, compared to $537 million and $855 million, respectively, for 2022.
Despite market volatility sentiments, Equate maintains its reliable operation with a sold-out volume position and continues to navigate a challenging macroeconomic landscape marked by slow global growth. In the face of this dynamic economic environment, Equate Group has demonstrated its agility by delivering positive results, the company said.
Naser Aldousari, President and CEO of Equate Group, said: “Equate continues to maintain a distinguished operational performance although it has experienced lower year-over-year sales and earnings due to ample supply and sluggish market conditions. The results reflect our strengths in the market and our commitment to operational efficiency. Leveraging our competitive cost position and strategically located facilities, we successfully completed our periodic turnaround for the Ethane cracker, downstream derivatives and utilities while continuing to fulfill customer demand in key regions.
"We proactively focused on prioritising higher-value opportunities where regional demand netback remains strong. We are focused on maintaining consistent and disciplined performance in the short term while aiming for long-term growth and cash flow, and we are confident in our ability to continue delivering our financial targets across the economic cycle,” he said.
“As we continue on our journey towards sustainability, Equate Group is in the planning phase to transition its sustainability strategy to align with a holistic Environmental, Social and Governance (ESG) approach, reaffirming our compliance with international standards and regional goals and reflecting our commitment to overall sustainable development. Through partnerships with institutions, businesses, and society, we are focused on reducing emissions, and aiming for pursuing carbon neutrality across all Equate Group-owned operations in alignment with local and regional targets,” Aldousari added.
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