Kuwait Styrene realizes USD 180 Million net profit in 2013 Sales value exceeds USD 915 million

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Date(s) - 02 March 2014
12:00 am

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Kuwait – March 2 – 2014 — The Kuwait Styrene Company (TKSC) announced realizing a net profit of USD 180 million for the fiscal year ending December 31, 2013

On this occasion, TKSC Board Chairman Hadi Abul said, “Despite several challenges, these profits exceeded the USD 59 million net profit of 2012 by over 200% due to a number of elements relevant to stability in petrochemical prices, having a solid customer base, operational excellence and strategic marketing.”

Abul expressed, “Utmost appreciation and gratitude to all contributors to this success, especially TKSC Board Members, shareholders, EQUATE Petrochemical Company, Kuwait Paraxylene Production Company (KPPC), The Kuwait Olefins Company (TKOC), as well as various government bodies for their continuous support of TKSC as Kuwait’s only manufacturer and exporter of Styrene Monomer (SM).”

On his part, TKSC CEO Adel Al-Munifi said, “With total production reaching a record quantity of 500,000 metric tons (MT), exceeding the plant’s design capacity of 450,000 MTA, the 2013 sales value surpassed USD 915 million in comparison to USD 667 during 2012, all of which are positive results stemming from growing global demand for SM with a decrease in supplies, absolute abidance by relevant environment, health and safety (EH&S) regulations, in addition to proper management of financial expenses while launching several critical initiatives by the company.”

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.