Fertilizer exports boost GPIC H1 profit

18 July 2007 03:38  [Source: ICIS news]

SINGAPORE (ICIS news)--Gulf Petrochemical Industries Co (GPIC), the Bahrain-based fertilizer producer, posted late on Tuesday a 47% year-on-year rise in first half earnings on higher exports and output.

Its net profit for the six months to 30 June was a record $111m (€81m).

Fertilizer exports rose 11% to 563,000 tonnes in the first half while output was up 3% on the budgeted figure to 726,000 tonnes, it said in a statement.

The company sold 47,000 tonne of urea in a single shipment, its largest since exports started, Abdul Rahman Jawahery, GPIC’s general manager, said, adding that return from this deal was at $14m.

GPIC’s exported 189,000 tonnes of product (121,000 tonnes of urea, 68,000 tonnes of methanol) to the US – its biggest market - in the first half, he added.

During the first half of this year, GPIC produced 220,000 tonnes of ammonia, 306,000 tonnes of urea and 200,000 tonnes of methanol, Jawahery said.

GPIC is a joint venture among Bahrain’s National Oil and Gas Authority, Saudi Basic Industries Corp (SABIC) and Kuwait’s Petrochemical Industries Co (PIC).

($1=€0.73)

By: Florence Tan
+65 6780 4359

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