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GPIC achieves positive results in 4th Quarter of 2019
by GPIC
GPIC achieves positive results in Q4-2019
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GPIC achieved positive results and fulfilled all obligations, while achieving targets set up by the Board of Directors during the fourth quarter of 2019, in spite of the challenges and changes taking place in the industry regionally and globally.
Company President Dr. Abdulrahman Jawahery said GPIC witnessed several challenges in the last quarter, including the continued instability in the balance of demand and supply. This, he said, was in addition to the intense competition in the availability of materials for export.
He said despite all this, the company managed, thanks to the ambitious approach of its Board of Directors and the commitment of its employees, to successfully overcome all challenges and achieve the goals set out in the business plan.
“GPIC is keen not only to succeed but strive to achieve excellence and maintain the confidence of its customers on the one hand and continue to achieve success on the other," Dr. Jawahery said. He spoke of the resolve of the management to continue to achieve new heights and preserve GPIC’s achievements as well as build on gains to maintain its position as the leading company in this vital industry, regionally and globally.
Dr. Jawahery praised GPIC’s approach in occupational safety, which the company considers the backbone of operations, and ensuring the continuation of its success, along with preserving the environment.
The President expressed happiness at the results achieved by GPIC during this period in the field of occupational safety, clocking approximately 7,639 days without a lost-time accident, which is equivalent to more than 27 million hours. He said this was a source of pride with regard to the company's success in ensuring the safety of workers, who are the backbone of its sustainable development.
Dr. Jawahery said that GPIC has succeeded yet again in setting new records, exporting a total of 1.23 million tons of ammonia, urea and methanol, an increase of 3.6 per cent over what had been planned for 2019.
He said 43,600 metric tons of Ammonia, 459,165 metric tons of Methanol and 727,616 metric tons of Urea were sold and all exports were loaded on 62 ships. This was in addition to 791 metric tons of urea allocated to the local market to support Bahrain’s agricultural sector.
He said India has acquired the largest share of the company's total exports – at 31 per cent - followed by Taiwan with 17 per cent and Thailand with 11 per cent.
The President said despite challenges as a result of increasing supply of urea, it did not constitute any obstacle for the company to continue its production and export operations to alternative markets and getting good returns. He said this indicated secure marketing plans and flexible strategies developed by the Board of Directors to face all challenges.
He said the company’s marketers – the Petrochemical Industries Company of Kuwait for Ammonia and Urea and the Saudi Basic Industries Company for methanol contributed to the success.
Dr. Jawahery said GPIC continued to implement its plans related to the development of its Bahraini manpower by providing specialized training courses at home and abroad and setting up workshops related to all areas of the petrochemical industry. Employees were also involved in forums and gatherings organised by other bodies.
He said GPIC has worked hard to provide comprehensive training programmes for its nationals, and has also coordinated between Shareholders companies to define training needs and find the best way to achieve them with a focus on the quality of training.
Dr. Jawahery expressed his appreciation at the continuous support the company receives from Bahrain’s leadership, which enabled it to maintain a steady growth pace and balance despite challenges.
The President thanked Their Excellences Chairman and the members of the Board of Directors, stressing the accomplishments would not have been possible without their unlimited support as well as the support of the Executive Management and the Labour Union.
Cummulative Exports by Region 2019
Africa 16%
South America 6%
Australia 3%
Asia 75%
