Jehad Al-Hajji and Adel Al-Munifi
Kuwait Styrene profits hit $59m
Kuwait, February 6, 2013
The Kuwait Styrene Company (TKSC) has announced a net profit of $59 million for the fiscal year ending December 31, 2012.
Total sales in the year exceeded $667 million, which is a positive sign indicating the continuous recovery of petrochemical markets, said TKSC chairman Jehad Al-Hajji.
He said the company could realize the profits despite several challenges, due to a number of reasons. They include the stability in petrochemical prices, a solid customer base, operational excellence and strategic marketing.
Adel Al-Munifi, CEO, 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.”
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). – TradeArabia News Service