Equate Q2-2019 net income falls 71% YOY due to low ethylene glycol prices

EQUATE’s assets across the globe are all based on ethane feedstock

Dr Ramesh Ramachandran, CEO and president of EQUATE Group.
Dr Ramesh Ramachandran, CEO and president of EQUATE Group.

EQUATE Group announced its Q2-2019 unaudited earnings, reporting $231mn in EBITDA, a 59% decrease from $570mn in Q2-2018, and $822mn in revenue, a 35% decrease from $1,264mn in Q2-2018.  Net income after tax stood at $126mn in Q2-2019, a 71% decrease from $427mn in the same period last year.

Commenting on the results, Dr Ramesh Ramachandran, CEO and president of EQUATE Group, said: “Our earnings have been affected by a sudden 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, EQUATE’s assets across 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 continues.”

For the latest refining and petrochemical industry related videos, subscribe to our YouTube page.

For all the latest refining and petrochemical news from the Middle East countries, follow us on Twitter and LinkedIn, like us on Facebook.

You may also like

Plastic makers welcome recycle act introduced by the US Senate
Earlier this year, plastics producers helped to launch the Alliance to End Plastic Waste
GlobalData report: China to account for 27% of global petrochemical capacity additions by 2030
India and Iran are expected to have the second highest petrochemical capacity additions globally
Partnership between INEOS and Viridor closes the loop with new hybrid plastics range available across Europe
The collaboration will draw on high-level scientific expertise from both companies
SABIC unveils new NORYL resin, expands water management portfolio
SABIC’s new NORYL WM330G resin is available globally

MOST POPULAR