Gulf Petrochemical Industries Company (GPIC) held its 46th General Assembly meeting.
The meeting was chaired by Kamal bin Ahmed Mohammed, Chairman of the Board of Directors of GPIC, in the presence of members of the Board of Directors and the CEO.
Dr. Osama Rayes from Bapco Energies represented the kingdom in the meeting, while Hanadi Ahmed Al Sindi of Petrochemical Industries Co. (PIC) represented Kuwait, and Iyad Abdul Aziz Al Subaiean from SABIC Agricultural Nutrients Investments Company represented Saudi Arabia.
Kamal bin Ahmed Mohammed commended the continuous support and backing that the petrochemicals industry receives from His Majesty King Hamad bin Isa Al Khalifa; His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister; and His Highness Shaikh Nasser bin Hamad Al Khalifa, HM’s Representative for Humanitarian Work and Youth Affairs, and Chairman of Bapco Energies. He affirmed that the company’s success was achieved by their visions and progressive policies.
The Ordinary General Assembly had approved the Board of Directors’ report on the company’s business for the year 2023, as well as the external auditor’s report.
The shareholders expressed their satisfaction and appreciation for the healthy financial position that the company has enjoyed, as well as the achievements that it has succeeded in realizing, and the distinguished reputation the company enjoys locally, regionally and globally, praising at the same time the company’s effective role in Corporate Social Responsibility.
The General Assembly commended the Board of Directors, the executive management and employees, who all contributed to the outstanding performance of the company during 2023, and worked diligently together in a one team spirit, demonstrating commitment and dedication to the success of the operation.
The GPIC Chairman explained that, despite the excellent financial results achieved during 2022, the global markets faced instabilities in the year 2023 due to the consequences of global inflation, geopolitical instability and conflicts which created a unique mix of challenges that unfolded over the year, and culminated in a decline in product prices.
He said that the decline in prices during 2023 did not affect the production plants, who outperformed previous output levels. His Excellency continued that in agreeing to adopt the new “2040 Strategy”, which charts an ambitious growth path for the company, the Board of Directors and Executive Management look forward to investigating new feedstock opportunities had agreed to look into innovation and opportunities in new technologies and advancements to build a more sustainable future as well as exploring new investment opportunities.
The Chairman also expressed his confidence that the new “2040 Strategy” will open a new era for the company with the support of its management and professional workforce. He then extended his sincere thanks and appreciation to the members of the Board of Directors, he welcomed the new Board Members, and sincerely thanked the outgoing Board Members whose tenure has ended, for their hard work and dedication.
He extended his sincere thanks to GPIC’s shareholders and their representatives from Bapco Energies in Bahrain, SABIC Agricultural Nutrients Investment Company in Saudi Arabia, and the Petrochemical Industries Co. (PIC) in Kuwait, praising their support, encouragement and great confidence in the company, and stressing that the Board will continue to move forward in working to achieve the best value for the company through its development and sustainability.
During 2023, GPIC succeeded in setting new records in production. The total production reached 1.6 million tonnes of ammonia, urea, and methanol, an increase of 4.9% over budget, 471,254 metric tonnes of ammonia was produced, and 451,774 tonnes of methanol was produced and 751,199 metric tonnes of urea was produced. As for export operations, a total of 1.2 million tonnes of ammonia, urea, and methanol were exported. 38,689 metric tonnes of ammonia was exported, 445,951 metric tonnes of methanol and 781,886 metric tonnes of urea fertilizer were exported. The exports were loaded to their final destination on board 61 ships.
The company was able to achieve net profits totaling $ 87.3 million for the year 2023, thanks to the support and guidance of the esteemed Board of Directors, and the policies followed by the Executive Management in performing its work with all professionalism, flexibility and sustainability.
The Board of Directors praised the prestigious awards and accolades that the company achieved during 2023 locally, regionally and globally, as the company’s CEO won the President’s Lifetime Award for Excellence as recognition of long-term proactive commitment to improving safety standards in the region from the Royal Society for the Prevention of Accidents (RoSPA).
The Gulf Petrochemicals and Chemicals Association (GPCA) also awarded the company the Community Awareness Award in recognition of its efforts and impact in supporting its community environment. GPIC also received the Dubai Chamber of Commerce Corporate Social Responsibility Label, in addition to the Arabia CSR Award for Large Business Category granted by the Arabia CSR Network.
In early 2023, the company obtained the Gulf Authorized Economic Operator certificate from Bahrain’s Ministry of Interior Customs Affairs after it succeeded in fulfilling the requirements of the accreditation programme and demonstrated its commitment to the highest conditions and standards related to customs procedures and regulations.
It also won the inaugural Minai Award, granted by the Ministry of Transportation and Telecommunications’ Ports and Maritime Affairs for its great commitment to the laws and legislation in maritime navigation and to ensure the safety of its export operations. It won this award in the Industrial Jetties Category.
GPIC was presented with the Bahrain Injaz Award for Voluntary Service, in addition to the Human Resources Management Summit Award as Employer of Choice 2023, and Best CSR Category. In a prominent HR Summit held Abu Dhabi, GPIC won the GCC Gov HR Summit Award – Innovation in Employee Engagement – Private Sector.
BNA(R)
