Industry, Logistics & Shipping

Kuwait Styrene reports $94m net profit for 2017

The Kuwait Styrene Company (TKSC), the only producer of styrene monomer in Kuwait, has reported a net profit of $94 million for the fiscal year ending in December 31, 2017.

Adel Al-Munifi, chief executive officer, TKSC, said: “Our company 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 (SM) market continued to recover, with average prices reaching $1200 per metric tonne.

Al Munifi added: “The company’s continued profitability is supported by our world-class operational standards, making us one of the most successful joint ventures established in Kuwait.”

“We continue 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,” he said.

“With a strong financial position and an operational strategy to increase efficiency, we are set to continue our growth in 2018,” concluded Al Munifi.

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. – TradeArabia News Service