EQUATE petrochemical Company, the leading global petrochemical producer and the world’s leading supplier of ethylene glycol, announced its financial results for H1 2024.
The group announced this week that its total revenues in the first half of the year amounted to $1.861 million, compared to $1.518 million during the same period last year.
The group stated that net income after tax amounted to $348 million, while earnings before interest, taxes, depreciation, and amortization amounted to $650 million, compared to $89 million and $377 million, respectively, in 2023.
EQUATE’s performance remained strong, despite the slow recovery in the sector, due to global market conditions, economic instability, and fluctuations in global supply chains.
The Group continues to benefit from the strong recovery in demand in some of the highest value regional markets, thanks to its global presence, market leadership and rapid response to market opportunities.
On this occasion, Group CEO Nasser Al Dosari said, commenting on the financial results, that the Group’s performance in the first half of 2024 is evidence of the strength of its operations and its ability to continue to perform at a high level in a challenging global environment.
He added: “Despite these challenges, we were able to achieve strong operational and financial results thanks to our disciplined approach to operational efficiency and resource management.”
He continued by saying: “We are aware of the changing conditions witnessed by the market, and we remain committed to maintaining our leadership position, and we are keen to continue providing value to beneficiaries by improving operations or investing in sustainability and strengthening our presence in the market.
Last August, EQUATE announced the issuance of $750 million in 7-year Islamic bonds (Sukuk), as part of its activities for the second half of 2024.
Al-Dousari concluded by saying: “EQUATE’s latest issuance of 7-year Sukuk was successful, through the interest of global investors, and this interest constitutes clear support for the company’s strong financial performance, operational excellence, and commitment to sustainable growth.”