Kuwait Styrene Company Announces $94 Million Net Profit for 2017
The Kuwait Styrene Company (TKSC), the first and only producer of styrene monomer in Kuwait, announced today a net profit of USD 94 million for the fiscal year ending in December 31, 2017.
TKSC CEO Adel Al-Munifi, stated, “TKSC maintained a strong performance in 2017 driven by an optimized worldwide sales strategy and cost-efficiency measures that enabled us to continue delivering a high-quality product to our solid customer base while performing a number of planned maintenance works at the plant to enhance and sustain competitiveness and profitability on the long-term.”
In 2017, the global styrene monomer (SM) market continued to recover, with average prices reaching $1200 per metric ton.
Al-Munifi added, “The Company’s continued profitability is supported by our world-class operational standards, making TKSC one of the most successful joint ventures established in Kuwait. The Company continues to add significant value to its shareholders thanks to its strong position in the global industry. On behalf of the board and management, we thank EQUATE Petrochemical Company, Kuwait Paraxylene Production Company (KPPC) and The Kuwait Olefins Company (TKOC), public institutions and customers for their continued support.
Al-Munifi concluded, “With a strong financial position and an operational strategy to increase efficiency, TKSC is set to continue its growth in 2018.”
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, operated by EQUATE Petrochemical Company, which also includes Kuwait Paraxylene Production Company (KPPC) and The Kuwait Olefins Company (TKOC). The firms operate under one integrated umbrella in Kuwait.
EQUATE Petrochemical Company
Established in 1995, EQUATE is a global producer of petrochemicals which participates in the creation of a better world, by providing reliable services and solutions, enabling global customers and stakeholders to grow and attain the success they seek. EQUATE’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC), and Qurain Petrochemical Industries Company (QPIC).
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