On my own behalf and on behalf of the Deputy CEOs and all the staff, I am pleased to present to you the 39th Annual Report of the Petrochemical Industries Company for the FY 2019/2020, ending on 31/3/2020.
- The company achieved net profits of approximately 71 Million Kuwaiti Dinars due to the efforts made by management, staff &all Joint ventures companies. The decline in profits for this year when compared to previous years is a result of the decrease of global petrochemical products prices and their economic indicators are subject to the variables in the international oil markets, which reflected negatively on the prices of our main products paraxylene, propylene, ethylene glycol, Styrene and other petrochemical products, and reached its lowest level during the year along with the lack of demand for products in the Asian market.
- Consequently EQUATE achieved, at the end of 2019, net profits of 119 million K.D, equivalent to 45% of the approved annual budget , Also, The Kuwait Olefins Company (TKOC) achieved profits of 84 million K.D, equivalent to 64% of the approved annual budget, Gulf Petrochemical Industries Company (GPIC) achieved profits of 10 million Kuwaiti dinars, equivalent to 63% of the approved annual budget. SK Advanced achieved a net profit of 19 million Kuwaiti dinars, equivalent to 128% of the approved annual budget.