CEO Adel Al-Munaifi, in a statement, said, "TKSC
achieved record results in 2018 with an increase of 124 percent in net profit and a production exceeding our 450,000 metric tons annually (MTA) nameplate production capacity of SM, while we continued to deliver a significant performance in major markets including China, South East Asia and India." Al-Munaifi added, "TKSC
's competitive position witnessed additional growth in 2018 with financial results reflecting continued measures taken to optimize costs and enhance operational reliability and safety, resulting in high-quality production for our expanding customer base.
CEO Adel Al-Munifi, stated, "TKSC
maintained a strong performance in 2017 driven by an optimized 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."
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."
CEO of the TKSC
Adel Al-Munifi said that pride of the partnership with the KNB that will arrange one of biggest loans for a petrochemical company, demonstrating the firm's strong financial status.
board chairman Hadi Abul said in a statement the company succeeded in achieving these profits in difficult times.
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.
Commenting on this achievement, TKSC
's CEO Dan Gibbs said: "This is a significant milestone for TKSC
's customers, shareholders and Greater Equate overall as it not only increases Greater Equate's production capacity but it also takes Kuwait into the manufacture of styrenics for the first time ever." Gibbs congratulated all who contributed to this successful project, noting "Despite some initial start-up challenges, we are proud of all our people to have achieved the start-up safely and in accordance with our overall strategy." Equate Marketing Company (EMC), TKSC
's sole SM outlet, will market all production from this unit and will be directing sales throughout its marketing channels.
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).
is producing styrene to its customers' required specifications.
chairman Ahmad Al Habib said the profits were due to stability in petrochemical prices, a solid customer base, operational excellence and strategic marketing.
KUWAIT, Feb 9 (KUNA) -- The Kuwait Styrene Company (TKSC
) announced Tuesday a net profit of USD 97 million for the fiscal year ending 31 December 2015, compared to USD 126 million in 2014.
Other attendees included board members and heads of The Kuwait Olefins Company (TKOC), The Kuwait Styrene Company (TKSC
), Kuwait Paraxylene Production Company (KPPC), and the companies handling the building s design, project management and construction.