Kuwait Styrene realizes $59m net profit in 2012 sales value exceeds $667m
- Kuwait: Wednesday, February 06 - 2013 at 13:11
- PRESS RELEASE
The Kuwait Styrene Company (TKSC) announced realizing a net profit of $59m for the fiscal year ending December 31, 2012.
Al-Hajji expressed, "Utmost appreciation and gratitude to all contributors to this success, especially TKSC Board members, shareholders and EQUATE Petrochemical Company."
On his part, TKSC CEO Adel Al-Munifi said, "With the average per ton price of Styrene Monomer (SM) exceeding $1460 during 2012, SM markets continue their positive growth as demand exceeds four percent annually, especially in light of escalating gross domestic product growth in emerging economies, such as China, India and others."
Al-Munifi noted, "The operational excellence at the Company's plant has positively reflected upon optimizing performance and overcoming arising challenges."
As Kuwait's first and only producer of Styrene Monomer, TKSC was established in 2004 as an international joint venture between Kuwait Aromatics Company (KARO) and The Dow Chemical Company (Dow).
EQUATE Petrochemical Company is the single operator of Greater EQUATE, which includes The Kuwait Styrene Company (TKSC), Kuwait Paraxylene Production Company (KPPC) and The Kuwait Olefins Company (TKOC) under one fully integrated operational umbrella at Kuwait's Shuaiba Industrial Area.
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