EQUATE Petrochemical Company announced a net profit of USD 1.05 Billion for the fiscal year ending December 31st, 2011, which is a 20% increase over what was achieved in 2010.
Following its Board and General Assembly meetings held in Kuwait, EQUATE President & CEO Hamad Al-Terkait said, “These profits were realized 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.”
Al-Terkait noted, “For the first time in EQUATE’s history, sales value in 2011 has exceeded USD 2.5 billion which was a result of overall organizational efficiency at EQUATE as a world-class petrochemical Company, starting from production to sales and supply chain with a perfect fit partnership with its local and global customers.”
EQUATE Board of Directors held its General Assembly on Tuesday February 28, 2012, and lauded the Company’s overall environmental achievements along with earning the award for the best plant in the Middle East.
In addition, EQUATE Board extended utmost appreciation to Al-Terkait for his pioneering leadership of EQUATE with outstanding global success at all levels since 2001, expressing congratulations and best wishes to Mohammad Husain who will succeed Al-Terkait as EQUATE CEO during April 2012.