KUWAIT: 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 2024 this week.

The EQUATE Group reported total revenue of US$1,861 million in H1 2024, compared to US$1,518 million during the same period in 2023. The Group also reported a net income after tax of US$348 million and EBITDA of US$650 million, compared to US$89 million and US$377 million, respectively, for 2023.
   
While the industry recovery continues to be slow due to challenging market conditions, macroeconomic uncertainty, and global supply chain volatilities, EQUATE’s performance remained resilient. Leveraging its global presence, market leadership and responding with agility to market opportunities, EQUATE continues to capitalize on robust demand recovery in select higher-value regional markets.

Commenting on the results, Naser Aldousari, President & CEO of EQUATE Group, said: “Our performance in the first half of 2024 highlights the resilience and strength of our operations during a challenging global environment. Despite these challenges, we achieved robust financial results with our disciplined approach to operational efficiency and cost management”.

He further added: “As we look ahead, we are mindful of the evolving market conditions and remain committed to maintaining our leadership position. By optimizing operations, investing in sustainability, and enhancing our market presence, we aim to continue delivering value to our stakeholders. The global market may present challenges, but our initiatives and commitment to excellence position us well for sustained success.”

In August, as part of its second-half activities for 2024, EQUATE announced the launch of a $750 million dollar-denominated 7-year Islamic bond (Sukuk). The issuance attracted strong interest from global investors, with demand exceeding $2 billion, which underscored market confidence in the Group. The proceeds are earmarked for refinancing existing debts maturing within the next nine months, further bolstering the company’s strong liquidity position.

Mr. Aldousari explained: “EQUATE's recent issuance of a 7-year Sukuk was met with overwhelming demand from global investors. This strong interest is a clear endorsement of EQUATE's robust financial performance, operational excellence, and commitment to sustainable growth."

ABOUT THE EQUATE GROUP
The EQUATE Group is a global producer of petrochemicals and the world’s leading supplier of ethylene glycol (EG). 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 Kuwait Projects Company (Holding) – (KIPCO) 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

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