Euuate posts 1H PAT at US$89 million
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Euuate posts 1H PAT at US$89 million

The Group reported total revenue of US$1,518 million in H1 2023

  • By ICN Bureau | August 31, 2023

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 2023.

The Group reported total revenue of US$1,518 million in H1 2023, compared to US$2,238 million during the same period in 2022. The Group also reported a net income after tax of US$89 million and EBITDA of US$377 million, compared to US$537 million and US$855 million, respectively, for 2022.

Despite market volatility sentiments, EQUATE Group 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.

Commenting on the results, 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 prioritizing 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.”

“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.”

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