'The Year of Achievements' for EQUATE

20 Mar '08

3 min read

EQUATE Petrochemical Company announced Monday that its 2007 net profits reached $769 million which is 36% percent over the previous year net income after tax.

Following the EQUATE 2007 general meeting, EQUATE President and CEO Hamad Al-Terkait said 2007 was the year of achievements in EQUATE's history, adding that the efforts of its employees and the support of shareholders have enabled EQUATE to realize $769 million as net profits in 2007.

While noting that the prices of petrochemical products were fluctuating throughout 2007 due to the supply and demand principle, Al-Terkait said EQUATE has achieved its 2007 goals.

EQUATE has called 2007 “The Year of Achievements” as it had accomplished a number of landmarks, such as meeting its limit of Environment, Health and Safety (EH&S) targets and achieving 9 Million Safe Man-Hours without accidents, which were a result of implementing sound initiatives related to industrial safety and the commitment of the company's employees to safe-work guidelines, he explained.

As for Kuwaitization, Al-Terkait said 59% of the company's workforce in 2007 were nationals and over 150 Kuwaiti fresh-graduates were hired and trained by the company during that year, preparing them for new expansion.

He added that EQUATE has had great success in implementing its Six Sigma program which is an important initiative being applied by all its departments and divisions, noting that the initiative has achieved its goals and has made EQUATE the first company in Kuwait, if not the entire Gulf region, which has effectively adopted this program.

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