MUSCAT, AUG 28
Global oxo-chemicals producer OQ Chemicals – wholly owned by OQ Group of the Sultanate of Oman – has recorded a significant uptick in net revenues at €1.931 billion for fiscal 2022, up from €1.730 billion a year earlier.
However, net income slumped to €44.7 million during 2022, down from €122.5 million a year earlier. EBIDTA (earnings before interest, taxes, depreciation, and amortisation) declined to €222.8 million, down from €311.7 million in 2021. Cost of sales was higher at €1.741 billion, up from €1.456 billion in 2021.
Company officials attributed the figures to a “turbulent fiscal 2022” characterised by the effects of the Ukraine War resulting in high energy prices and raw material costs, disruption of global supply chains, and extreme weather events, particularly in Europe, where OQ Chemicals has a number of plants.
OQ Chemicals (previously known as Oxea) was acquired by OQ Group (then known as Oman Oil Company), in December 2013. Headquartered in Germany, the company operates a global network of plants in the United States and Europe, offering a total production capacity of over 1.7 million tonnes per annum of oxo chemicals — intermediate and derivative chemical compounds used in the manufacture and processing of numerous products of everyday use.
OQ Chemicals’ portfolio includes over 70 products used in the production of, among other products, coating resins, synthetic esters, cosmetics and printing inks.
Supplied globally, these products find application in various industry segments, such as paints and coatings, lubricants and functional fluids, personal care, flexible packaging, and others.
In line with a commitment to achieve carbon neutrality by 2050, OQ Chemicals has also embarked on a ‘REDUCE’ programme encompassing a comprehensive strategy to slash greenhouse gas emissions across its global operations.
The first milestone in its multi-year strategy was achieved last year, with the company delivery on its flare optimisation goals, while some plants in the US switched to renewable electricity for their energy needs. By 2030, OQ Chemicals plans to be connected to renewable energy supplies across its global network.
In other highlights during the year, OQ Chemicals broke ground on a new methyl methacrylate (MMA) plant at its Bay City complex in the United States last October.
It also expanded the capacity of its Oberhausen plant in Germany to enhance the production of ‘TCD Alcohol DM’, which is used in exterior coatings, as well as in 3D printing.
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