Gulf Petrochemical Industries Company (GPIC) has recorded a net profit of $301 million in 2008, up 50 per cent over the previous year.
Shaikh Isa bin Ali Al Khalifa, adviser to Bahrain’s premier on industrial and oil affairs and company chairman, announced the results at the 30th ordinary general meeting of GPIC shareholders.
The meeting decided to distribute the entire profit among shareholders. The net profit represents a return of 188 per cent of the paid-up capital.
Shaikh Isa praised the strong relationship between Bahrain and GPIC’s shareholders from Saudi Arabia and Kuwait, saying the company was a successful example of Gulf co-operation.
Chairing the general meeting was National Oil and Gas Authority board member Dr Shaikh Mohamed bin Khalifa Al Khalifa, who led the Bahraini government team.
Representing Kuwait was   Petrochemical Industries Company board secretary Sulaiman Abdul Aziz Al Dosari, while Saudi Arabia was represented by Saudi Basic Industries Corporation finance general manager Fawaz bin Mohamed Al Fawaz.
GPIC managing director Yousuf bin Abdul Rahman Al Zamil said the company continued to rationalise expenditure and increase productivity, resulting in the record net profit.
During 2008 GPIC’s products of ammonia, methanol and urea totaled 1.54 million tonnes, out of which 1.12 million tonnes was exported on board 72 carriers, the official said. The output was the highest GPIC attained in its history
As much as 373,058 tonnes of ammonia was used for producing urea
The company recorded 12.69 million man-hours without lost time accidents for its own workers and contractors’ staff.