Kuwait-based Equate Group, a global producer of petrochemicals, has posted $822 million in revenue for the second quarter (Q2) of 2019, a 35 per cent decrease from $1,264 million in Q2 2018.

The company reported $231 million in EBITDA, a 59 per cent decrease from $570 million in Q2 2018, while net income after tax stood at $126 million in Q2 2019, a 71 per cent decrease from $427 million in the same period last year.

Dr Ramesh Ramachandran, CEO and president of the Equate Group, said: “Our earnings have been affected by a sudden and strong decrease in ethylene glycol prices, driven by a continued uncertainty of tariffs, volatility in global markets as well as some new capacity that came on line.

“However, Equate’s assets across the globe are all based on ethane feedstock, providing us with a competitive advantage. Equate will continue to maintain focus on safety and operational excellence as this challenging pricing environment continues.” – TradeArabia News Service