Kuwait, January 31, 2019: The Kuwait Styrene Company (TKSC), the first and only Kuwait-based styrene monomer (SM) producer and exporter, today announced realizing a net profit of USD 211 million for the fiscal year ending in December 31, 2018, compared to USD 94 million in 2017.
Commenting on the results, TKSC CEO Adel Al-Munifi stated, “TKSC achieved record results in 2018 with an increase of 124% in net profit and a production exceeding our 450,000 metric tons annually (MTA) nameplate production capacity of SM, while we continued to deliver a significant performance in major markets including China, South East Asia and India.”
Al-Munifi added, “TKSC’s competitive position witnessed additional growth in 2018 with financial results reflecting continued measures taken to optimize costs and enhance operational reliability and safety, resulting in high-quality production for our expanding customer base. We must note that the US-China trade uncertainty supported firm prices in TKSC’s markets, leading to this unprecedented growth in our overall profitability during 2018.”
Since commencing its operations in 2009, TKSC has significantly contributed to the success of its shareholders, as well as to Kuwait’s global industrial and economic presence.
Al-Munifi concluded, “I would like to extend utmost gratitude to all TKSC’s shareholders, EQUATE Petrochemical Company, Kuwait Paraxylene Production Company (KPPC) and The Kuwait Olefins Company (TKOC), public institutions and customers for their continued support throughout our remarkable journey.”
The Kuwait Styrene Company (TKSC) was established in 2004 as an international joint venture between the Kuwait Aromatics Company (KARO) and the Dow Chemical Company (Dow). TKSC is part of Greater EQUATE, which also includes Kuwait Paraxylene Production Company (KPPC) and The Kuwait Olefins Company (TKOC). The firms are operated by EQUATE Petrochemical Company under one integrated umbrella in Kuwait.