March 2, 2023 oil and gas

Equate Group revenue, net income decline in 2022

The Equate Group, a global producer of petrochemicals and the world’s leading supplier of Ethylene Glycol, reported a total revenue of $3.947 billion in 2022, compared to $4.159 billion in 2021.

The group also reported a net income after tax of $611 million and EBITDA of $1.217 billion, compared to $1.109 billion and $1.735 billion, respectively, for 2021.

In the face of changing market conditions, Equate remained resilient, the company said. Through cost positioning and feedstock, Equate was able to respond to demand trends and optimise margins, resulting in a low-cost operating model and strong cash conversion.

Naser Aldousari, President & CEO of Equate Group, said: “As economic conditions deteriorate across the world, we have put in place a comprehensive set of immediate and long-term measures to drive resilient performance. We keep our financial position strong by focusing on disciplined and balanced capital allocation. We will continue to manage our operations and adjust our business to the changing market in order to generate long-term value for our stakeholders, as we leverage our competitive advantages and operational agility.”

Equate Group’s results reflect their focus on operational reliability, a low cost-to-serve model, and a proactive approach in navigating challenges and market dynamics to deliver a long-term sustainable strategy, the company said.


Top News

oil and gas

UIC discusses energy outlook, impact of ...
March 15, 2023
KIPIC announces first shipment of solid ...
March 15, 2023
KPC looks at fierce competition from int...
March 3, 2023