Equate Petrochemical bares US$1.09 billion net profits in 2012

Equate Petrochemical Company, a global venture between Petrochemical Industries Company (PIC), Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC) has announced a net profit of US$ 1.09 billion for the fiscal year ending December 31st, 2012, a 3% increase over the US$ 1.05 billion earned in 2011.

According to Equate President & CEO Mohammad Husain, this has been first time for Equate to achieve a record breaking sales value .“Sales value in 2012 has exceeded US$2.6 billion for the first time in Equate’s history, which was a result of overall organisational efficiency by manifesting its tagline of ‘Partners in Success’ with all stakeholders within and outside Kuwait, ” he said.

“Equate has recently devised its ‘2020 Strategy’ that includes three main stages with the first focusing on qualifying relevant human resources, the second preparing to enter the international scene and the third is venturing into the global arena. The first phase is all about creating as much added-value from current facilities, while the second and third are all about making Equate have greater global presence, with all stages focusing on distinguished human resources, especially Kuwaitis, through being more specialised and optimum technology utilization within a creative, innovative and sustainable work environment,” he added.

Meanwhile, Equate-operated styrene monomer producer, The Kuwait Styrene Company (TKSC), has also announced a net profit of US$ 59 million for the fiscal year ending December 31, 2012.

TKSC Board Chairman Jehad Al-Hajji commented, “Despite several challenges, these profits were realised due to a number of elements relevant to stability in petrochemical prices, having a solid customer base, operational excellence and strategic marketing with total sales in 2012 exceeding US$667 million, which is a positive sign indicating the continuous recovery of petrochemical markets.”

TKSC CEO Adel Al-Munifi said, “With the average per tonne price of Styrene Monomer (SM) exceeding US$ 1460 during 2012, SM markets continue their positive growth as demand exceeds four percent annually, especially in light of escalating gross domestic product growth in emerging economies, such as China, India and others.”

Moreover, he noted, “The operational excellence at the Company’s plant has positively reflected upon optimising performance and overcoming arising challenges.” TKSC is also a global joint venture between Dow and Kuwait Aromatics Company (KARO).


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