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Bahrain sea ports net profit surges 33pc

Manama, May 26, 2010

The Bahrain General Organisation of Sea Ports (GOP) said its total net profit for 2009 surged to BD6.6 million ($17.5 million), registering a 33 per cent increase over the previous year.

Announcing the results at the GOP’s 20th board of directors meeting, GOP chairman Shaikh Daij bin Salman Al Khalifa said that the total income for 2009 increased by 26 per cent to BD104.4 million.

As part of the meeting, the board also evaluated the performance and progress of the Kingdom’s state-of-the-art Khalifa Bin Salman Port (KBSP), which successfully completed its first year of operations in April this year.

The board reviewed and approved the financial statements and auditors' report for 2009 and unanimously decided to transfer the surplus to the Ministry of Finance as stipulated in the Legislative Decree No. (61) of 2006 with respect to promulgating the Law of the GOP.

Commenting on the results, Shaikh Daij said the Board was very pleased with the exceptional results attained during 2009 and thanked his fellow directors on the Board, the management and all the employees of the GOP 'for their hard work and dedicated efforts and wished them continued success.'

It evaluated performance at KBSP over the last 12 months which revealed a significant increase in port productivity and efficiency. The port’s average berth productivity increased by 82.1 per cent while total number of TEU’s (twenty-foot equivalent units) handled increased by 13.2 per cent in the first year of port operations.

The Board commended the KBSP’s first year results which represented a remarkable achievement in the Kingdom’s port, maritime and logistics sectors.

As part of the meeting, the Board also discussed the port operating company APM Terminals' request for revising the tariff structure for the services offered at the KBSP.

The Government has invested BD136.3 million in the new state-of-the-art port to turn it into one of the most modern ports in the Arabian Gulf.

The operating company APM Terminals has invested an additional BD24 million to equip the new port with the latest technology and equipment.

In light of the huge investment in the new port and to maintain its high efficiency and competitiveness, the Board approved a minimal increase to the new tariff structure which will offer additional services to its users.

'One of the GOP’s main objectives is to develop the maritime, ports and Logistic Zones industry in Bahrain.  For this reason, we are constantly exploring new ways and methods in which to achieve this objective, so as to raise the Kingdom's regional and international profile, in line with Bahrain's Economic Vision 2030.' said Shaikh Daij.

Finally, the Board reviewed the recent developments of the public rest area project to be constructed adjacent to the entrance of KBSP, which will consist of separate toilet facilities and prayer rooms for men and women bessides resting and waiting rooms for cab drivers.

Shaikh Daij said the GOP would continue to monitor the situation and take appropriate measures to satisfactorily meet the needs of the port users.

The Board also discussed GOP programmes and activities planned for the coming months.

The GOP was established on September 2006 with a mission to develop Bahrain’s maritime industry and infrastructure and regulate its operation in line with the Kingdom’s Economic Vision 2030 development strategy.

The GOP’s overarching responsibility lies in guiding the development of strategies to position Bahrain as a global leader in the maritime industry. 

As a regulator, the GOP is responsible for supervising all maritime safety and environmental matters and ensuring adequate infrastructure is in place to serve the needs of the Kingdom’s seaports, including the region’s newest state-of-the-art port KBSP.

The GOP is also responsible for operating and developing the Bahrain Logistics zone.-TradeArabia News Service




Tags: Bahrain | profit | GOP | General Organisation of Sea Ports | Sea Ports |

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