Bahrain-based Gulf Petrochemical Industries Company (GPIC) has achieved a net profit of $265 million in 2011, registering an increase of $138 million compared to the year before.

'This achievement was result of all the efforts and initiatives which have been made by the management team and all its employees,' His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa's Oil and Industrial Affairs adviser and GPIC chairman Shaikh Isa bin Ali Al Khalifa said after the 33rd general assembly meeting.

Shaikh Isa thanked Bahrain's leadership and shareholders for their support.

He expressed satisfaction over the company's achievements during 2011, marked by the continuity of operation and production efficiency and quality, while maintaining the highest levels of security and safety, adding that the company has achieved an excellent safety record of 14,791,760 hours of work without a lost-time incident for both the company's employees and contractors.

The general assembly approved the auditors' report and decided to distribute profits for 2011 among shareholders.

The board affirmed its full confidence and support for the company's ambitious plan, which aims to expand its plants and implement new projects in accordance with the Strategic Plan 2020.

GPIC president Abdulrahman Jawahery said that in 2011 achievements were made as a result of the combined efforts of everyone in reducing spending and achieving an increase in production.

He said the company was able to produce 1.6 million tonnes of ammonia, urea and methanol, the highest combined annual production of the company since its inception.-TradeArabia News Service