Kuwait's Equate posts USD1.26 revenue in Q2

2018-08-05 02:29:06

(MENAFN) Kuwait's Equate Group was unveiled to have registered a 37.5 percent increase in its earnings during the second quarter this year, reaching USD1.26 billion in its total revenue.

The second quarter earnings of the leading producer of petrochemicals have marked the highest to ever been recorded in the history of the company.

"Equate's higher earnings in second quarter were primarily driven by high prices in EG across the globe and a very good pricing environment in the Polyethylene and PET businesses," as stated President and CEO Dr Ramesh Ramachandran.

The chief noted "operational reliability in the second quarter continued to be excellent which enabled us to capitalise on the high prices. Safe operations remain our number one priority globally."

Ramachandran added "good cost control and the cost and growth synergies from the MEGlobal merger have also enabled Equates to deliver an outstanding quarter."

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