Equate Reports Lower Net Profit, Performance Remains Solid

Equate reported an 11% drop in net 2008 profit to $683 million on sales 5% higher at $1.21 billion. "The profits are extremely positive and only 2% less than the 2008 budget despite the ongoing economic crunch," says chairman Yousef Al-Ateeqi. Equate attained more than 92% of its 2008 objectives, including the commissioning of an 850,000-m.t./year ethylene plant and a 600,000-m.t./year ethylene glycol unit at Shuaiba, Kuwait. "The petrochemical market's drop did not hit the company largely in 2008 and we successfully managed to overcome all...

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