EQUATE makes USD 308 mln in profit in '23

KUWAIT, Feb 15 (KUNA) -- Kuwait's Equate Petrochemical Company announced Thursday a net profit of USD 308 million in 2023.

EQUATE revealed in a press conference that its total revenue during 2023 amounted to USD 3.1 billion, while earnings before interest and tax amounted to about USD 862 million.
CEO Nasser Al-Dosari said, in a statement that 2023 witnessed strong operational performance despite the significant challenges it faced due to the difficult economic conditions.
Al-Dosari added that EQUATE became more competitive and was able to maintain its global position in the areas of high operational reliability and safety of operations.
EQUATE is one of the world's leading petrochemical producers and the second largest producer of Ethylene glycol in the world.
It operates industrial complexes in Kuwait, North America and Europe to produce more than six million tons per annum of Ethylene, ethylene glycol, Polyethylene, Polyethylene terephthalate, Styrene, Brazilin, heavy aromatics and gasoline. (end) km.dss.