The EQUATE Group, a global producer of petrochemicals and the second largest producer of Ethylene Glycol in the world, announced Tuesday its total Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for 2020 stood at USD 945 million, compared to USD 1.124 billion in 2019.
In Q4 2020, the EQUATE Group reported an EBITDA of USD 309 million, compared to USD 335 million for the same period in 2019.
Net Income After Tax for the year was USD 358 million, compared to USD 638 million in 2019, it mentioned.
Despite global challenges, EQUATE Group’s facilities around the world continued to operate safely and maintain customary production rates, remaining in a leading cost competitive position and continues to deliver all of its quality products to customers globally.
Commenting on the results, President and CEO of EQUATE Naser Al-Dousari said, “As challenges and headwinds were heightened in 2020 due to the COVID-19 pandemic, the EQUATE Group continued to demonstrate resilience and flexibility in operating safely and successfully through this unusual time.” 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).
Source: Kuwait News Agency