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Kuwait’s Equate net profits hits USD679mn for 2016

31 Mar 2017

(MENAFN) Kuwait-based Equate Group, a global producer of petrochemicals has proclaimed a total net profit of USD679mn for the fiscal year ending Dec 31, 2016.

Last year was an extremely difficult year with prices falling by more than 14 percent and the feedstock was limited amid the first half of the year for the Group as a whole.

However, the group made many achievements; becoming the globe’s second largest producer of Ethylene Glycol (EG) with a total production capacity of 2.4mn metric tons annually.

Moreover, it also issued a total of USD2.25bn bonds, the issuance made the group the first non-financial and non-banking Kuwait-based enterprise to tap into such capital market products.

MENAFN3103201700450000ID1095358279

MENAFN3103201700450000ID1095358279

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