GPIC nets $87.3 million in 2023 on record production levels
GPIC, the only petrochemical producer in Bahrain, has reported a net profit of $87.3 million in 2023, with the company setting new records in production.
The total production reached 1.6 million tonnes, an increase of 4.9 per cent over budget, comprising 471,254 metric tonnes of ammonia, 451,774 tonnes of methanol and 751,199 metric tonnes of urea.
The company exported a total of 1.2 million tonnes, which included 38,689 tonnes of ammonia, 445,951 tonnes of methanol and 781,886 tonnes of urea fertiliser.
The exports were transported to various markets on board 61 ships.
The results were announced during the company’s general assembly of shareholders last Sunday with chairman Kamal Ahmed leading the proceedings.
Explaining that after the excellent financial results achieved by the GPIC during 2022, Mr Ahmed said the global markets faced instabilities in the year 2023 due to the consequences of global inflation, geopolitical instability and conflicts which created a unique mix of challenges that unfolded over the year, and culminated in a decline in product prices.
The decline in prices during 2023 did not affect the company’s production beating previous output levels, the chairman added.
He further said that by agreeing to adopt the new ‘2040 Strategy’, which charts an ambitious growth path, the board of directors and executive management will look at new feedstock opportunities using technologies and advancements to build a more sustainable future for the company while also exploring new investment opportunities.
During the meeting, the shareholders comprising Bapco Energies, SABIC Agricultural Nutrients Investment Company from Saudi Arabia and the Petrochemical Industries Company (PIC) from Kuwait approved the board of directors’ report on the company’s business for the year 2023, as well as the external auditor’s report.
Bahrain was represented in the meeting by Dr Osama Rayes from Bapco Energies, while Kuwait was represented by Hanadi Al Sindi of Petrochemical Industries Company (PIC), and Saudi was represented by Iyad Al Subaiean from SABIC Agricultural Nutrients Investments Company.
The shareholders also expressed their satisfaction with the healthy financial position of GPIC as well as its achievements in corporate social responsibility.
The board of directors praised the company for winning numerous prestigious awards and accolades locally, regionally and globally, during 2023 with GPIC CEO bagging the President’s Lifetime Award for Excellence as recognition of long-term proactive commitment to improving safety standards in the region from the Royal Society for the Prevention of Accidents (RoSPA).
avinash@gdnmedia.bh
Source: https://www.gdnonline.com/Home/Details/1306371
