Kuwait-based petrochemicals producer Equate Group has reported a 43 percent surge in its H1 revenue, said local reports on Thursday, August 26.
It posted a revenue of $2.04 billion during the first half of 2021, compared to $1.423 billion during the same period in 2020, said the reports.
The group also reported a net income after tax of $543 million and EBITDA of $869 million, compared to $124 million and $409 million, respectively, during the same period last year.
Equate Group’s facilities around the world continue to operate maintain reliable production rates despite global challenges, said the reports.
Equate President & CEO Naser Aldousari was quoted by the reports as saying: “We see strong signs of optimism, as the world economy recovers from a challenging period, with a positive impact on prices, and a return to normalcy driven by increased global manufacturing and industrial activities.”
He added: “The results illustrate Equate’s resilience and adaptability, enabling us to continue supplying customers and markets with high quality products from multiple strategic locations.”