Equate EBITDA at $945 million for 2020
INDUSTRIAL NEWS
The Equate Group, a global producer of petrochemicals and the second largest producer of Ethylene Glycol in the world, reported total EBITDA for 2020 at $945 million, compared to $1,124 million in 2019.
In Q4 2020, the Equate Group reported an EBITDA of $309 million, compared to $335 million for the same period in 2019. Equate Group’s net income after tax for the year was $358 million, compared to $638 billion in 2019.
Despite global challenges, Equate Group’s facilities around the world continued to operate safely and maintain customary production rates. The group remains in a leading cost competitive position and continues to deliver all of its quality products to customers globally.
Commenting on the results, Naser Aldousari, President & CEO of Equate, said: “As challenges and headwinds were heightened in 2020 due to the Covid-19 pandemic, the Equate Group continued to demonstrate resilience and flexibility in operating safely and successfully through this unusual time.
“Additionally, the solid foundational pillars on which the Equate Group is built have enabled us to maintain our commitment to customers without jeopardising the health and safety of our teams as it is always our utmost priority. Looking ahead, we remain focused on enhancing our competitive capabilities with strategic decision making to deliver ongoing value for our shareholders.” -- Tradearabia News Service
