GPIC profit soars

The Gulf Petrochemical Industries Company (GPIC) continued its increase of profit for the fourth successive year to make $201 million in net profit last year, an increase of more than 24 per cent.

GPIC chairman and adviser to the Prime Minister for Industrial and Oil Affairs Shaikh Isa bin Ali Al Khalifa said that this increase in profit was made possible thanks to the continuous operation of the plants with a high level of efficiency and safety and in spite of the scheduled shutdown of the plants during November to carry out maintenance of the plants.

He further said during the year GPIC produced 417,455 tonnes of ammonia, 584,763 tonnes of urea and 371,006 tonnes of methanol to bring the total production to almost 1.4 million tonnes, an increase of more than 1.9 per cent above the planned production.

Moreover, the company exported more than one million tonnes of products, an increase of three per cent above the targeted level.

GPIC also realised significant achievements during the last year stemming from its declared principles of social responsibility and concern for the environment, said the chairman.

On the social level, Shaikh Isa said the company continued to interact with the community on numerous levels. On the one hand, GPIC made generous donations to charity funds and public benefit associations in addition to sponsoring a wide range of specialised conferences and sports activities.

Aid was also given to health-related organisations and essential equipment was provided to students with special needs. On the other hand, GPIC sponsored dozens of school and university students for receiving training in the complex during their summer holidays.

As in previous years, the environment enjoyed the company's concern and attention. The GPIC chairman said the company carried out many environmental projects and programmes inside and outside the company.

These included the GPIC-Education Environmental Research Programme which successfully continued for the third year running. This programme encourages scientific research and concern with the environment.

Shaikh Isa expressed his sincere thanks and appreciation to His Majesty King Hamad, Prime Minister Shaikh Khalifa bin Salman Al Khalifa and Crown Prince and Deputy Supreme Commander Shaikh Salman bin Hamad Al Khalifa, for their directives and support for the growth and success of this industry and investment in general.

Commenting about the markets to which GPIC exported its products during 2007, general manager Abdul Rahman Jawahery, said 79 per cent of ammonia was exported to India while the balance was shipped to the US and Jordan. The US had the lion's share of urea exports as it received around 47 per cent followed by Australia with around 29 per cent and the balance was divided among India, Thailand and South Africa. In addition, the methanol market was much broader as GPIC exported this product to the US, China, Europe and some near East countries.

Mr Jawahery said these markets are strategic for the company in addition to the other targeted markets which the company is considering prospects of exporting products to them for ensuring the uninterrupted flow of exports that may affect productivity levels.

He added the company's products have acquired a good reputation among the importers not only for the good product quality but also for the concern with developing mutual trading benefits with our customers.