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Kuwait Styrene Co. announces USD 97 mln profits '15

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.
"The year 2015 witnessed a number of developments, such as decreasing oil prices and instability in petrochemical markets. At the same time, TKSC realized considerable net profits due to excellent performance in several fields," Hadi Abul, TKSC's Board Chairman, said in a statement.
"On behalf of TKSC Board, I would like to extend utmost gratitude to our executive management for their outstanding role in the company's success. In addition, an unwavering appreciation to EQUATE Petrochemical Company, Kuwait Paraxylene Production Company (KPPC), The Kuwait Olefins Company (TKOC), as well as various government and private bodies for their continuous support of TKSC," Abul added.
For his part, TKSC CEO Adel Al-Munifi said in the statement that the company has realized a number of world-class milestones during 2015, despite having a scheduled Turnaround (TA), adding that the actual production of "our 450,000 metric tons annually (MTA) plant was increased by 10 percent while continuing supplies to our solid customers base throughout the world.
"TKSC maintained world-class operational standards and a zero injury rate. Our fixed cost was lowered by over 20 percent due to optimization and cost saving plans. Although SM prices in 2015 had a 30 percent drop, profit margins remained well preserved due to the decrease in the cost of petrochemical raw material," said Al-Munifi.
He also noted that the year 2016 will carry a number of challenges, without expecting much fluctuation in prices, adding that the cost of logistics might be lower due to decreasing fuel prices.
TKSC was established in 2004 as an international joint venture between Kuwait Aromatics Company (KARO) and The Dow Chemical Company (Dow). It is the first and only producer of Styrene Monomer in Kuwait. (end) osj.ma