The Kuwait Styrene Company announced about its end of the fiscal year December 31, 2013 net profit to be USD 180 million.
TKSC Board Chairman Hadi Abul expressed that despite the varying challenges in the market, the company’s profit exceeded USD 59 million by over 200% in 2012. This change was witnessed due to a number of facets such as stability in petrochemical prices, strategic marketing and operational outstanding performance, and having a strong customer base.
Abul expresses his deepest gratitude and appreciation to all his contributors who have been a constant part of the company’s success. He thanks TKSC Board Members, EQUATE Petrochemical Company, shareholders, the Kuwait Paraxylene Production Company (KPPC), The Kuwait Olefins Company (TKOC), as well as many other government bodies and organizations for their relentless support of TKSC as Kuwait’s only exporter and manufacturer of Styrene Monomer (SM).
TKSC reached a record quantity of 500,000 metric tons (MT) and surpassed the plant’s design capacity of 450,000 MTA. This value surpassed USD 915 million in 2013 in comparison to the USD 667 seen in 2012. All the results are stemming from positive roots with health and safety (EH&S) regulations, compliance with relevant environment, growing global demand for SM with a reduction in supplies, management of financial expenses while there is a launch of critical initiatives by the company, and more, said Adel Al-Munifi, CEO of TKSC.
TKSC was Kuwait’s first and only producer of Styrene Monomer. It was established in an international collaboration with The Dow Chemical Company (Dow) and Kuwait Aromatics Company (KARO).
Also, the EQUATE Petrochemical Company includes The Kuwait Styrene Company (TKSC), The Kuwait Olefins Company (TKOC), and the Kuwait Paraxylene Production Company (KPPC) under a comprehensive operational organization in Kuwait’s Shuaiba Industrial Area.