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FINANCIAL NEWS
Bahrain’s GOP reports 33% rise in profits
26 May 2010
(MENAFN) The Bahrain General Organization of Sea Ports (GOP) said its total net profit for 2009 surged to $17.5 million, registering a 33 percent increase over the previous year.
The company 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.
The Government has invested $51.4 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 $9 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.
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