KUWAIT CITY, July 22:  Petrochemical Industries Company (PIC) reported a net profit of KD 39 million (approximately USD 127 million) for the 2023-24 fiscal year ending in March, announced PIC CEO Nadia Al-Hajji on Monday.

In an interview with KUNA marking PIC's 61st anniversary on Tuesday, Al-Hajji attributed the profit to the company's dedicated efforts to grow despite global pressures on petrochemical product prices. She noted that PIC managed to cut expenses and boost profits through various initiatives over the past fiscal year. The company is currently working with Kuwait Petroleum Corporation (KPC) to get approval for the Olefins IV project, which involves constructing a world-class petrochemical complex producing ethylene, polyethylene, ethylene glycol, and specialized petrochemical products.

Al-Hajji emphasized PIC's commitment to forming global partnerships through its mid and long-term strategies, which include acquiring established factories and shares in other companies. She also highlighted the company's plans for expanding into "green petrochemicals" to reduce environmental impact and conserve natural resources, promoting economic growth in Kuwait.

PIC is exploring several recycling initiatives in collaboration with KPC, Kuwait Municipality, the General Secretariat of the Supreme Council for Planning and Development, and other entities. These initiatives aim to repurpose plastic waste through mechanical or chemical processes to create useful products.

Regarding human resources, Al-Hajji highlighted PIC's pioneering initiative in the oil sector to develop the skills of young employees, who make up 40 percent of the company's workforce. This initiative aligns with PIC's 2040 strategy and includes a youth empowerment committee established in 2020 with annually rotating members to maintain progress.