Kuwait Styrene Company posts $94mn net profit for 2017

Kuwait Styrene Company posts $94mn net profit for 2017
Adel Al-Munifi, CEO, Kuwait Styrene Company.
Published: 20 February 2018 - 10 p.m.
By: Martin Menachery

The Kuwait Styrene Company (TKSC) announced a net profit of $94mn for the fiscal year ending in 31 December 2017.

Adel Al-Munifi, CEO, TKSC, stated: “TKSC maintained a strong performance in 2017 driven by an optimised 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 market continued to recover, with average prices reaching $1,200 per metric tonne.

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.”

TKSC was established in 2004 as an international joint venture between Kuwait Aromatics Company (KARO) and Dow Chemical Company. TKSC is part of greater EQUATE, operated by EQUATE Petrochemical Company, which also includes KPPC and TKOC. The firms operate under one integrated umbrella in Kuwait.

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