Equate posts 36% rise in 2007 net profit

18 March 2008 01:51  [Source: ICIS news]

DUBAI (ICIS news)--Kuwait's Equate Petrochemical Co late on Monday reported a 36% rise in its 2007 net income to $769m (€492m) on strong petrochemicals values.

The company produced more than 1m tonnes of polyethylene (PE)  and monoethylene glycol (MEG), with a total sale of $1.2bn, an increase of 4% compared with 2006.

Equate didn’t disclose further details about the results.

Meanwhile, Al-Qurain Petrochemical Company, which holds a stake of 6% in Equate, said that it gained $41.5m as its share of profits from Equates.

Equate was established in 1995 and began production in November 1997.

The major shareholders of the company are Kuwait's Petrochemial Industries Co with 42.5%, the US' Dow Chemical with 42.5%, and Kuwait's Boubyan Petrochemical with 9% and Al-Qurain Petrochemical Co with 6%.

($1 = €0.64)

By: Abdelghani Henni
65 6780 4359

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