Kuwait Styrene realizes USD 59 Million net profit in 2012 Sales value exceeds USD 667 million

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Date(s) - 06 February 2013
12:00 am

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Kuwait-February 6 – 2013 — The Kuwait Styrene Company (TKSC) announced realizing a net profit of USD 59 million for the fiscal year ending December 31, 2012.

On this occasion, TKSC Board Chairman Jehad Al-Hajji said, “Despite several challenges, these profits were realized due to a number of elements relevant to stability in petrochemical prices, having a solid customer base, operational excellence and strategic marketing with total sales in 2012 exceeding USD 667 million, which is a positive sign indicating the continuous recovery of petrochemical markets.”

Al-Hajji expressed, “Utmost appreciation and gratitude to all contributors to this success, especially TKSC Board members, shareholders and EQUATE Petrochemical Company.”

On his part, TKSC CEO Adel Al-Munifi said, “With the average per ton price of Styrene Monomer (SM) exceeding USD 1460 during 2012, SM markets continue their positive growth as demand exceeds four percent annually, especially in light of escalating gross domestic product growth in emerging economies, such as China, India and others.”

Al-Munifi noted, “The operational excellence at the Company’s plant has positively reflected upon optimizing performance and overcoming arising challenges.”

As Kuwait’s first and only producer of Styrene Monomer, TKSC was established in 2004 as an international joint venture between Kuwait Aromatics Company (KARO) and The Dow Chemical Company (Dow).

EQUATE Petrochemical Company is the single operator of Greater EQUATE, which includes The Kuwait Styrene Company (TKSC), Kuwait Paraxylene Production Company (KPPC) and The Kuwait Olefins Company (TKOC) under one fully integrated operational umbrella at Kuwait’s Shuaiba Industrial Area.