Kuwait Styrene realizes USD 81 Million net profit in 2010 Sales value exceeds USD 600 million

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Date(s) - 13 March 2011
12:00 am

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Kuwait – March 13 – 2010 — The Kuwait Styrene Company (TKSC) announced a net profit of USD 81 million for the fiscal year ending December 31, 2010.

Following TKSC’s board meeting to ratify financial results, its Board Chairman Ahmad Abdullah Al-Habib said, “These profits were realized due to a number of elements, such as strategic management, highly efficient operations, proper marketing, as well as the global rise in prices of petrochemical products.”

Al-Habib noted, “Sales value in 2010 has exceeded USD 600 million, which is a positive sign indicating the continuous recovery of petrochemical markets.”

Al-Habib 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 Yousef Al-Munifi said, “Styrene Monomer markets currently enjoy a positive hike as annual global demand exceeds 4%, especially in light of escalating gross domestic product growth in emerging economies, such as China, India and others.”

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.