Kuwait’s Equate posts 19.3% increase in 2011 net profit at $1.05bn

29 February 2012 07:26  [Source: ICIS news]

SINGAPORE (ICIS)--Kuwait’s Equate Petrochemical said on Wednesday it posted a 19.3% year-on-year increase in its net profit to $1.05bn (€777m) in 2011, amid an increase in the prices of petrochemical products.

Sales exceeded $2.5bn in the full-year ending 31 December last year, compared with “over $2bn” in the previous year, a company spokesperson said, without giving exact figures.

“These profits were realised due to operational excellence at all production units, as well as the increase in prices of petrochemical products globally as a result of stability in demand,” said Equate president and CEO Hamad Al-Terkait in a statement.

Equate is a joint venture between Petrochemical Industries Co (PIC), Dow Chemical, Boubyan Petrochemical Co (BPC) and Qurain Petrochemical Industries Co (QPIC).

($1 = €0.74)

By: Nurluqman Suratman

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