GPIC posts record $303m profit

GPIC, the only petrochemical producer in Bahrain, has reported a net profit of $303 million in 2022, which is the highest ever in the company’s history.

The company exported a total of 1.12m tonnes of ammonia, urea and methanol, which comprises 43,814 tonnes of ammonia, 425,600 tonnes of methanol and 657,333 tonnes of urea fertiliser.

All these exports were loaded to their final destination on board 55 ships, in addition to 871 tonnes of packaged urea that were supplied to the local market in Bahrain.

India, which is of great strategic significance to all producers, accounted for the largest share of the company’s total exports with 35 per cent which equated to approximately 397,352 tonnes, followed by Thailand and Taiwan with 14pc and 13pc respectively.

The results were announced during the company’s general assembly of shareholders last Thursday with chairman Kamal Ahmed leading the proceedings.

“The record was achieved by a combination of reducing spending and increasing production, and despite a difficult year for everyone in the petrochemical industry, GPIC exceeded the production targets set by the board of directors,” said Mr Ahmed.

The chairman praised the close co-operation and continuous support of the marketers in Saudi Basic Industries Corporation (Sabic) and Petrochemical Industries Company (PIC) in Kuwait which resulted in the continuation of the company’s export operations without any obstacles.

The shareholders expressed their satisfaction with the outstanding financial position that the company has attained, as well as the other achievements that it has accomplished in the many different areas.

They commended the prominent reputation of the company locally, regionally and internationally, praising the effective role of the company in fulfilling its commitment to social responsibility at all levels.

The general assembly praised the directors, the executive management and employees, who all contributed to the outstanding performance of the company during 2022, and worked diligently together in a one-team spirit, demonstrating commitment and dedication to the success of the operation.

Also commenting was chief executive Yasser Al Abbasi who said with the support of the shareholders, the directives of the chairman and board members, along with the efforts of executive management and all employees, the company succeeded in realising records in export operations.

In the field of safety, occupational health and the environment, GPIC was able to achieve another record with regard to the number of working hours without lost time accidents, which amounts to more than 38m hours for both employees and contractors. GPIC is very proud of this record, which it has maintained since May 2002.

The safety record was achieved in spite of the major turnaround that took place during March 2022, which included a vast increase in the number of necessary tasks caused by the initial postponement of the runaround due to the Covid-19 pandemic.

The increase in tasks also led to a large increase in manpower to approximately 3,000.

Despite the challenges of sourcing the additional and necessary manpower due to the lingering effects of the pandemic, as well as additional precautionary measures to ensure the health and safety of all those involved, GPIC was able to complete the turnaround safely and without any delays.

Mr Al Abbasi also noted the carbon dioxide extraction unit worked continuously through the year to help reduce carbon dioxide emissions and reduce detrimental effects on the environment in accordance with the standards established by the government and in co-ordination with the Supreme Council for the Environment.

avinash@gdnmedia.bh

 

Source: https://www.gdnonline.com/Details/1207141/GPIC-posts-record-$303m-profit

 

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