Equate realizes over $1bn net profit in 2012
- Kuwait: Thursday, February 07 - 2013 at 15:07
- PRESS RELEASE
Equate Petrochemical Company announced a net profit of $1.09bn for the fiscal year ending December 31st, 2012, which is a 3% increase over the $1.05bn achieved in 2011.
Husain noted, "Sales value in 2012 has exceeded $2.6bn for the first time in Equate's history which was a result of overall organizational efficiency by manifesting its tagline of 'Partners in Success' with all stakeholders within and outside Kuwait."
Husain added, "Equate has recently devised its '2020 Strategy' that includes three main stages with the first focusing on qualifying relevant human resources, the second preparing to enter the international scene and the third is venturing into the global arena. The first phase is all about creating as much added-value from current facilities, while the second and third are all about making Equate have greater global presence, with all stages focusing on distinguished human resources, especially Kuwaitis, through being more specialized and optimum technology utilization within a creative, innovative and sustainable work environment."
Husain extended utmost appreciation and gratitude to Equate Board, all employees and every person who has contributed to its success in all fields.
Established in 1995, Equate is an international joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC).
Commencing production in 1997, Equate is the single operator of a fully integrated world-scale manufacturing facility producing over 5 million tons annually of high-quality petrochemical products which are marketed throughout the Middle East, Asia, Africa and Europe.
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