KUWAIT, February 21, 2022 — The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of ethylene glycol announced its full-year earnings for 2021 this week, posting an increase in total revenues of 42 percent over 2020 results.
EQUATE Group’s revenues in 2021 totaled U.S.$4.16 billion compared to 2020 revenues of U.S.$2.92 billion. The Group also reported total EBITDA of U.S.$1.74 billion and net income after tax of U.S.$1.11 billion for 2021, compared to U.S.$945 million and U.S.$358 million, respectively for 2020.
Steadily affirming its global competitive position amid a healthy recovery of global markets in 2021, the Group’s global footprint has enabled reliable and efficient delivery of its quality products to customers worldwide, maintaining its market-leading position.
“EQUATE Group delivered a strong 2021 performance,” said Naser Aldousari, President and CEO of EQUATE Group. “As a result of the extraordinary efforts from our cross-functional team across the globe, we continue to deliver exceptional safety, production and sales performance. We met each challenge during the year with the resilience and determination to emerge stronger.”
With global disruptions still a reality, EQUATE Group has continued to build on its competitive advantage, propelled by its stakeholders’ continuous support, extensive geographic footprint, ethane-based feedstock supply, cost optimization, and the team capabilities.
EQUATE Group’s leadership position is attracting the industry’s top talent for its key operations across markets and implementing development initiatives to deliver strategic direction and drive results.
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ABOUT THE EQUATE GROUP
The EQUATE Group is a global producer of petrochemicals. The EQUATE Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene, EG, polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The EQUATE Group includes EQUATE Petrochemical Company (EQUATE), The Kuwait Olefins Company (TKOC), as well as a number of subsidiaries such as MEGlobal and Equipolymers. Their products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society. Visit www.equate.com
Disclaimer
This earnings announcement (the Announcement) is for information only. The announcement is based on financial information of EQUATE Petrochemical Co. K.S.C.C. and The Kuwait Olefins Co. K.S.C.C. (together with their consolidated subsidiaries, the EQUATE Group) which is subject to change without notice and the accuracy thereof is not guaranteed. The information in the Announcement does not intend to contain all material information concerning the financial status of the EQUATE Group. We do not make any representation regarding, and assume no responsibility or liability (however arising and regardless of nomenclature) for, the accuracy or completeness of, or any errors or omissions in, any information contained in the Announcement.
Historical and current performance data are not necessarily indicative of future performance. Information contained in this Announcement may refer to forward-looking statements. The views in the Announcement are based on current assumptions which are subject to various risks and may change over time, as such we make no representations in respect of the correctness, accuracy, and/or completeness of such assumptions. Further, no assurance can be given that future events will occur, and/or that projections (if any) will be achieved. Past performance is not a reliable indication of future performance. Actual results may differ materially from those projected. The Announcement shall not be considered, or in any way construed, as an offering of securities.