The Kuwait-based Gulf Petrochemicals Industries Company (GPIC) has reported net profit of $22 million during the first quarter of 2001, reported KUNA, the Kuwait News Agency.
According to Muhammad al-Tirkayt , the GPIC managing director, this represented more than 50 percent for the net profit that the company realized in all of 2000.
The government of Kuwait holds a third of the equity in the company, and the governments of Saudi Arabia and Bahrain own equal shares.
Al-Tirkayt said Bahrain-based GPIC has $800 million in assets, where revenues from invested capital exceed 25 percent. – (MENA Report)
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