Kuwait's EQUATE Group, a global petrochemical producer, said on Wednesday its net profits shot up by 41% to register $435 million in the first quarter of 2018 against the corresponding period in 2017.
In a statement on Wednesday, the company said its Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) stood at $577 million in the first quarter of 2018, at a 22% rise in comparison with the same period in 2017.The Net income after taxes (NIAT) stood at $425 million in comparison with $308 million in the first quarter of 2017, the statement said.
The financial results are the best quarterly results since the company's establishment, the statement said.
The EQUATE Group combines the Kuwait-based EQUATE Petrochemical Company and its subsidiaries MEGlobal, Equipolymers and The Kuwait Olefins Company (TKOC).
International rising demand on polyethylene was behind these results in addition to augmenting prices of monoethylene glycol (MEG) due to tight global supply conditions and excellent operational reliability in Kuwait, Canada and Germany.