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Statement from the
Chairman and Managing Director
As a chairman & Managing Director and on behalf of Members of the Board of Directors, Deputy Managing Directors and Employees of the Company, i am pleased to present to you PIC’s Thirty First Annual Report for the financial year 2010 /2011, ending on 31st of March 2011.
General Performance
Thanks to God Almighty, that the company was able to achieve net profit estimated at 175 million Kuwaiti Dinars, this is due to the efforts made by the company’s management and employees and the efforts of all participating companies, which made every effort achieves best results.
EQUATE, MEGlobal and Gulf Petrochemical Company continued as participants companies in achieving excellent results for this year.
PIC Continued to implement several cost-cutting initiatives, including the Six Sigma program which has been launched in most of the company’s activities.
Six Sigma program is considered as one of the best applications and the first in the State of Kuwait. We look to this program not only for the cut-costing through implementing different projects within the company, but also in terms of its achievement in training the workforce on usage of modern management systems to tackle shortcomings and implement continuous improvements.
PIC achieved saving of US$ 15.4 million through the successful execution of 100 projects in different sectors of the company during the financial year 2010 /2011, for this PIC achieved Saving of US$ 38.7 million through the successful execution of 177 Six-Sigma projects from the year 2007 to 31 - 3 - 2011. Moreover 64 employees gained the (Green Belt) in implementing Six Sigma methodology, that is 10% from the company’s qualified employees.
Risk analysis was completed and conducted for all of the company’s activities under the directives of KPC, and plans were drawn to tackle major risks according to risk management methodology approved for KPC and its subsidiaries.
Corporate Social Responsibility
The company continues its commitment to operate its plants’ safety and responsibility, as well as to the environment in the interest of all our employees, our clients and the communities in the vicinity of the company. In this respect, the following was achieved:
Renewal Quality Certification (ISO 9001) and (ISO 14001) Environment & Quality Management System Certification and (OHSAS - 18001) Quality Management System Standards.
- Achieved 10 million accident-free man-hours.
- Implementation a project to use the industrial water for the irrigation of crops within the company.
- Reduce the consumption of sea water and distilled water, through programs of Rationing Energy.
- Application of Risk Prevention Plan special for Safety, Health & Environment.
The company began preparing for the Responsible Care certificate (Responsible Care RC-1400) through the training of the company’s cadres, and raise required awareness to access to the level that qualifies the company to obtain this certificate, which is expected to be obtained over the next year..
Human Resource Management
Developing our human resources and providing them with necessary skills to carry out their jobs in a proper manner is one of our greatest priorities.
Our Leadership skills’ development program has played an effective role in training our employees to take over necessary leadership positions and contribute to the growth of the Petrochemical Industry
in the State of Kuwait.
We must note here that PIC is closely following-up on the «Kuwaitization» plan, in which 79.9% of Kuwaiti employees reached in all departments of the company.
Company Strategy
The company seeks to achieve growth in the basic petrochemicals industry and engage in subsequent products, this is in the application of the Kuwait Petroleum Corporation strategic directions 2030, in this area PIC has been achieved good progress in refinery and petrochemicals project in China, including push to start the detailed engineering study over the next year, although the initial economic feasibility study for the third olefins project has been completed and an agreement with the Kuwait Petroleum Corporation on a number of possible alternatives as Raw Materials for the project, which will be studied in the detailed economic feasibility study during the year 2011. As well as, study of possible alternatives to the project site.
Future Vision
In the light of stability in the global petrochemical markets and the growing demand for petrochemicals, PIC seeks to search for attractive investment opportunities in target markets such as Asia, in order to achieve its objective growth in petrochemicals. This is aligned with KPC’s strategic directions and PIC’s Long Term Strategy.
Investment in human resources remains a goal that we always strive to achieve. This is based on our belief in the importance of developing the human element in an encouraging environment, thereby increasing their productivity, which supports the implementation of PIC Strategy.
At the end, on behalf of my Board Members, Management, all employees and myself, I express my gratitude.
His Highness the Amir of The
state of Kuwait,
His Highness the Crown Prince
of The state of Kuwait
And
His Highness the Prime Minister of The state of
Kuwait,
For their continuous support to our company. I also
thank and appreciate Minister of Oil, Chairman Of
Kuwait Petroleum Corporation, KPC and sister
companies, all the ministries, authorities, private
and government corporations for their support to the
company on all occasions. |
