The Kuwait Styrene Company (TKSC) has announced a net profit of $97 million for the fiscal year ending December 31, 2015, in comparison to a net profit of $126 million during 2014.

As Kuwait’s first and only producer of styrene monomer, The Kuwait Styrene Company (TKSC) was established in 2004 through a joint venture between Kuwait Aromatics Company (KARO) and The Dow Chemical Company (Dow).

Hadi Abul, board chairman, TKSC, said: “The year 2015 witnessed a number of developments, such as decreasing oil prices and instability in petrochemical markets. At the same time, TKSC realised considerable net profits due to excellent performance in several fields.

Adel Al-Munifi, the CEO, said: “During 2015, the company has realised a number of world-class milestones. Despite having a scheduled Turnaround (TA), the actual production of our 450,000 metric tons annually (MTA) plant was increased by 10 per cent while continuing supplies to our solid customers base throughout the world.

“The company has maintained world-class operational standards and a zero injury rate. Our fixed cost was lowered by over 20 per cent due to optimisation and cost saving plans. Although SM prices in 2015 had a 30 per cent drop, profit margins remained well preserved due to the decrease in the cost of petrochemical raw material,” he said.

“2016 will carry a number of challenges, but we do not expect much fluctuation in prices and the cost of logistics might be lower due to decreasing fuel prices,” he added. – TradeArabia News Service