Gulf Petrochemical Industries Company (GPIC) has made a record half-yearly net profit of $111 million (BD41.8 million).
The net profit for the first half of this year was up 47 per cent compared to the same period last year.
This historic and record achievement was made possible as GPIC was able to continuously operate its plants at record levels and with full safety, said GPIC chairman and Adviser to the Prime Minister for Industrial and Oil Affairs, Shaikh Isa bin Ali Al Khalifa.
"GPIC was able to export its high-quality products to the world markets without any difficulty," he noted.
During the first half of this year, GPIC's total production was 726,000 metric tonnes - 220,000mt of ammonia, 306,000mt of urea and 200,000mt of methanol.
The company exported a total of 563,000mt of its products, which was 11 per cent higher than the budgeted figure.
Shaikh Isa expressed confidence that GPIC would be able to realise further achievements, since it had adopted a proper scientific approach in its performance and had the appropriate plans and studies of the targeted markets.
He expressed his appreciation of the role played by the shareholders and board members in realising such results represented by increased profits, continuous operations, productivity and marketing at the usual high efficiency and quality while maintaining the highest levels of occupational safety, health and protection of the environment.
While thanking Bahrain's leadership, Shaikh Isa also expressed his deep pride in the close and strong relations between Bahrain and the GPIC shareholders, represented by the Saudi Basic Industries Corporation (Sabic) of Saudi Arabia, Petrochemical Industries Company of Kuwait and the National Oil and Gas Authority in Bahrain, led by Oil and Gas Affairs Minister Dr Abdulhussain Mirza.
He said GPIC had become a model and successful example of joint Gulf co-operation.
Shaikh Isa said such results were made possible thanks to the dedication and hard work of the executive management and loyalty of all the employees who worked with a high team spirit.
He also praised the continuous efforts of the GPIC Trade Union in ensuring co-operation amongst all the workers for realising the common objectives.
Meanwhile, GPIC general manager Abdul Rahman Jawahery said the recent export of a 47,000mt urea shipment on board a single carrier, which was the biggest shipment ever since the company started exports of its product, yielded a return of $14 million (BD5.27 million).
In early April, the company exported another 44,000mt shipment on board a single carrier.
Mr Jawahery said the company exported a total of 189,000 mt to the US market, including 121,000mt of urea and 68,000mt of methanol, 115,000mt to Australia, 80,000mt to India, including 52,000mt of ammonia and 28,000mt of urea.
GPIC also exported 151,000mt to the Far East markets including 43,000mt of urea and 108,000mt of methanol, 21,000mt of methanol to the Middle East and 7,000mt of methanol to Europe.
The company's products have not only acquired a good reputation amongst importers for their good quality but also for the care shown by the company for optimising mutual interests with its customers, he added.
Jawahery attributed the company's success to the unlimited support given by the leadership, through its encouragement of national companies for diversification of the sources of income of the national economy.
Jawahery said the growth rate in production capacity for ammonia, urea and methanol ranges between 3 per cent to 6 per cent annually while the growth in trade of such products is around 5 per cent annually.
The Middle East is one of the key suppliers of urea, ammonia and methanol and is expected to play a vital and major role in the next few years following the launch of new production capacity, he added.