dayofdubai | Financial Results for the Second Quarter, 2019 revealed for EQUATE

Monday, Jun 19, 2023
Hijri Date
℃ Dubai, UAE

Business

ID Number 10301
Aug 07, 2023
202

Financial Results for the Second Quarter, 2019 revealed for EQUATE

The EQUATE Group, a global producer of petrochemicals, today declared its Q2 2019 unaudited earnings, reporting $231 million in EBITDA, a 59% decrease from $570 million in Q2 2018, and $822 million in revenue, a 35% decrease from $1,264 million in Q2 2018. Net income after tax stood at $126 million in Q2 2019, a 71% decrease from $427 million in the same period last year.

Commenting on the outcomes, Dr. Ramesh Ramachandran, CEO and President of the EQUATE Group, stated: Our earnings have been influenced by an unexpected 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, EQUATEs assets over 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 proceeds.

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