Kuwait Styrene realizes USD 99 Million net profit in 2011 Sales value exceeds USD 662 million

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Date(s) - 12 February 2012
12:00 am

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Kuwait, February 12, 2012 — The Kuwait Styrene Company (TKSC) announced a net profit of USD 99 million for the fiscal year ending December 31, 2011, in comparison with USD 81 million in 2010.

Following TKSC’s board meeting to ratify financial results, its Board Chairman Ahmad Al-Habib said, “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.”

Al-Habib noted, “Total sales in 2011 have exceeded USD 662 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 Al-Munifi said, “With the average per ton price of Styrene Monomer (SM) being USD 1400 during 2011, 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 as actual production has exceeded the nameplate capacity of 450,000 metric tons annually.”

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.