General organisation of sea ports 2009 net profit surges by 33%
The General Organisation of Sea Ports (GOP) held its 20th Board of Directors meeting under the chairmanship of Shaikh Daij bin Salman Al Khalifa to review the financial results of 2009, indicating an increase of 33% in total net profits in 2009. 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, which successfully completed its first year of operations in April this year.
During the meeting, the Board reviewed and approved the financial statements and auditors' report for 2009. The audited statement indicated that the total income for 2009 increased by 26% to BD 10,443,669 while the total net profit increased to BD 6,607,738 which represents a 33% increase over the previous year. The Board took a decision 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.
Addressing the meeting, Shaikh Daij stated that 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.
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 new Khalifa Bin Salman Port (KBSP). The Board evaluated the 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% while total number of TEU’s (twenty-foot equivalent units) handled increased by 13.2% 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.
The Government has invested BD136.3 million in the new state-of-the-art Khalifa Bin Salman Port (KBSP) to turn it into one of the most modern ports in the Arabian Gulf. The operating company APM Terminals has invested an additional BD 24 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. It will also contain resting and waiting rooms for cab drivers. Shaikh Daij mentioned that the GOP will 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.
- APICORP reports highest annual net profit in its history
- Jordan's Arab Potash cutting production due to uncertainties
- Emaar, The Economic City strengthens growth in 2009 with construction progress on KAEC
- agthia - emirates foodstuff and mineral water company pjsc holds 2008 annual general meeting (agm)