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Portfolio Companies nogaholding Annual Review 201602
The Oil & Gas Holding Company B.S.C. (closed)GBCorp Tower, 18th Floor, Financial HarbourP.O. Box 1426, Manama, Kingdom of BahrainT: +973 17 111 900, F: +973 17 111 908Email: info@nogaholding.comwww.nogaholding.comCommercial Registration No. 66088
His Royal Highness Prince Khalifa bin Salman Al Khalifa
The Prime Minister,of the Kingdom of Bahrain
His Majesty King Hamadbin Isa Al Khalifa
The King,of the Kingdom of Bahrain
His Royal Highness Prince Salman bin Hamad Al Khalifa
The Crown Prince,Deputy Supreme Commander and First
Deputy Prime Minister
Portfolio Companies nogaholding Annual Report 201704
CONTENTSOverview Portfolio Companies
Chairman’s Statement 06
Board of Directors 08
Executive Management 09
Milestones 10
Vision, Mission, Values & Roles 12
Profile 14
Portfolio Growth 16
Corporate Governance 18
Portfolio Companies 20
Financial Statements 78
The Bahrain Petroleum Company (BAPCO) 22
The Bahrain National Gas Company (BANAGAS) & Bahrain National Gas Expansion Company (TAWSEAH) 34
Gulf Petrochemical Industries Company (GPIC) 42
Bahrain Aviation Fuelling Company (BAFCO) 52
Bahrain Lube Base Oil Company (BLBOC) 56
Tatweer Petroleum Company (TATWEER) 60
Bahrain LNG WLL (BLNG) 66
Bahrain Gasoline Blending (BGB) 70
BAC Jet Fuel Company (BJFCO) 74
Overview nogaholding Annual Report 201706
On behalf of the Board of Directors, it is with great pleasure that I present the 2017 annual review for The Oil and Gas Holding Company B.S.C. (c) (nogaholding).”
H.E. Shaikh Mohamed bin Khalifa bin Ahmed Al Khalifa
“
CHAIRMAN’S STATEMENT
Overviewnogaholding Annual Report 2017 07
The Bahrain Gas Plant Project (BGP) project is progressing well and once BGP is completed by end of 2018, the combined capacity of Tawseah and Banagas will increase to 653 million standard cubic feet per day, which will provide a significant long-term contribution to Bahrain’s economy.
The strategic Bahrain LNG Import Terminal project is progressing as planned with expected completion in the first half of 2019. This is another major milestone that will ultimately give the country the security of supply that it needs to meet the growth in demand for natural gas for large industrial projects, power and water generation and for enhanced oil recovery.
nogaholding also continued to play a vital role in promoting best practice and encouraging operational excellence and benchmarking, risk management, business continuity management and business resilience within its portfolio companies. The portfolio companies were operated with high reliability and an exceptional level of safety performance was delivered. This was demonstrated by a number of awards for safety, health and environmental performance that were presented to the companies during the year.
I would like to thank the Board for their diligence, and the management and employees of nogaholding for their creative and hard work throughout 2017 and I wish the company another successful year in 2018.
In closing, I would like to express my sincere thanks and appreciation to the political leadership and the Government of the Kingdom of Bahrain for their continued support and encouragement which enables nogaholding to deliver sustainable earnings and achieve its long term strategic objectives.
Mohamed bin Khalifa Al KhalifaChairman
2017 was also a milestone year as nogaholding debuted into the international debt capital markets and announced the establishment of its US$ 3 billion Global Medium-Term Note (GMTN) Programme. The inaugural issuance of USD $1 billion notes successfully closed with the order book reaching US$ 3.8 billion. This bond issuance allows nogaholding to continue its ambitious plans to expand its portfolio across the oil and gas value chain and to fund the ongoing and future projects and potential ventures in the coming years.
The performance of the nogaholding group of companies was robust over the past 12 months and the financial results of nogaholding were in line with the stakeholders’ expectations.
Several project milestones were met during 2017 for the multi-billion-dollar Bapco Modernisation Programme (BMP). The resulting larger and more complex refinery, with increased exports of higher value products, will generate positive cash flow for the Kingdom of Bahrain while providing new jobs and business opportunities for Bahrainis. Bapco will also benefit from a more competitive, resilient and energy efficient facility, and one better equipped to meet future stringent environmental compliance regulatory standards and goals.
nogaholding celebrated its tenth anniversary in 2017 and, along with its portfolio companies, continued to deliver a strong performance
2017 was also a milestone year as nogaholding debuted into the international debt capital markets and announced the establishment of its US$ 3 billion Global Medium-Term Note (GMTN) Programme.”
“
Overview nogaholding Annual Report 201708
BOARD OF DIRECTORS
H.E. Shaikh Mohamed bin Khalifa bin Ahmed Al KhlaifaChairman
H.E. Mr. Rasheed Mohammed Al-Mearaj
Dr. Fayez Hashim A. Latif Al-Sadah
Shaikh Tariq bin Mohammedbin Mubarak Al Khalifa
Mr. Yusuf Abdulla Humood
Mr. Yousif Abdul Hussain Khalaf
Overview nogaholding Annual Report 201708
Overviewnogaholding Annual Report 2017 09
EXECUTIVE MANAGEMENT
Dr. Dafer Rashed Al JalahmaActing Chief Executive
Mr. Qaisar ZamanGeneral Manager - Investments
Dr. Hassan Al MullaManager - Investments
Mr. Hassan Al-AlawiManagerPortfolio Management
Mr. Farhaz FaroukAdvisor
Mrs. Afaf ZainalabedinGeneral Manager - Finance & Admin
Mr. Joseph HuseGroup General Counsel
Overviewnogaholding Annual Report 2017 09
Overview nogaholding Annual Report 201710
THE ENERGY TOPERFORM FORTHE LONG TERM
0720 20
20 20
20 20
08
09
10
11
12
- nogaholding established on 15th August 2007 as the strategic investment and development arm of NOGA
- Stewardship of two wholly owned and six partly owned JVs
- Continued strong performance despite economic downturn
- Increased portfolio with addition of JV in Skaugen Gulf Petchem Carriers
- Exceptional operational performance across portfolio
- Development of Vision 2030 - Bahrain National Gas Expansion Company
(Tawseah) incorporated - Deal signed with Bapco for Lube Oil Plant
- Advancement despite difficult economic environment
- Increased portfolio with addition of Tatweer and BLBOC JVs
- Exploration of international investment opportunities
- Increase in oil field production by 33.3% - Inauguration of Vision Bahrain - Start up of Bahrain base oils plant
- An exceptional operational performance by portfolio companies
- Outstanding level of safety performance achieved
- Gas sales second highest since formation of plants
Overviewnogaholding Annual Report 2017 11
1320 20
20
20
14
15
16
17A YEARIN FOCUS
- Bapco exceeded all time high of 48.9 million barrels - Tatweer successfully invested in oil recovery
strategies - GPIC Exceeded previous highest level of
production
- Encouraging results despite strategic challenges
- Bapco refinery processed highest bpd in its history
- GPIC achieved highest production level in its history
- Bapco refinery produced record crude throughput
- Bafco fuelled over 41,000 aircraft - Bahrain LNG Import Terminal awarded to
international consortium
- Plans to further expand portfolio over next 5-years - Signing of US$ 570 MM Murabaha Facility to meet
expansion targets - Bapco Modernisation Programme (BMP) on schedule - Middle East LNG Deal of the Year for Bahrain LNG
Project
- US$ 1 BN Note issuance - Bapco completed front-end engineering
design for BMP and awarded EPC - Awarded best sub-sovereign bond in EMEA
Finance Achievement Awards
20
Overview nogaholding Annual Report 201712
VISION, MISSION, VALUES & ROLES
Mission
To build, develop and manage a profitable portfolio of oil and gas industry related companies by investing effectively and promoting excellence
Vision
nogaholding aspires to contribute to profitable national economic diversification and growth by achieving sustained performance
Overviewnogaholding Annual Report 2017 13
Values
- Integrity - Ingenuity - Entrepreneurship - Commitment - Accountability
Roles
- Governance - Portfolio Management & Growth - Promotion of Operational
Excellence and Best Practice - Provision of Professional Service - Develop Intellectual Capital
Overview nogaholding Annual Report 201714
The Oil & Gas Holding Company B.S.C. (c) (nogaholding) was established by Royal Decree No. 77 for the year of 2007, promulgated on August 15, 2007.
Formation ofnogaholding
Addition ofTAWSEAH
Addition ofTatweer &
BLBOC
Addition ofSGPC
PROFILE
MILESTONES
2007 2008 2009 2010
Overviewnogaholding Annual Report 2017 15
Addition ofBahrain LNG
Addition ofBGB
Addition of BJFCO
Exit of SGPC
Inaugural US$ 3 Billion Global Medium-Term Note (GMTN)
Programme
The company is the investment and development arm of the National Oil & Gas Authority (NOGA) and plays a fundamental role in the execution of the strategic plans of the authority and stewardship of the government’s investment in oil, gas and petrochemical sector in Bahrain.
2015 2016 2017
Overview nogaholding Annual Report 201716
Investment Strategy
nogaholding adheres to investment policies which it believes are disciplined and prudent in order to develop its investment portfolio and enable the growth of other Bahraini industries and sectors. The principal components of nogaholding investment policies are its well-defined and focused strategy, approved and regularly reviewed with its board of directors, and its investment process. Investment generally focuses on investments, both strategic to the country in order to provide meaningful employment, and economic to provide at least industry average overall return.
nogaholding continuously evaluates opportunities for partial or complete exits of direct investments within its portfolio when it makes commercial sense to do so, and exited from its 35% interest in SGPC in 2017. In certain strategic assets, nogaholding may continue to hold a majority interest for the foreseeable future. It may also increase its equity stake, when it considers it appropriate, as was the case in the area of upstream crude oil production with Tatweer in which nogaholding increased its equity stake from 51% to 100% in 2016.
Investment process
Identification01
02
03
04
06
05
07
08
Origination and Opportunity Sourcing
Screening and Preliminary Evaluation
Board Approval to Incur Expenses
Negotiation with Target or Potential Project Partner(if necessary)
Due Diligence
Availability of Funds and Leveraging
Board of Directors’ Final Approval
nogaholding continued the planning of long-term, strategic, major investment that would address the vision 2030 guiding principles of sustainability, competitiveness and fairness.
On the downstream side, advancement was made in the area of planning for the future refinery configuration. The objective is to increase the complexity of the refinery by 2022 such that the competitiveness of the refinery will be world-class, and the profitability will be immune from business cycle troughs.
The Bahrain LNG Company reflects long-term energy strategy set by The National Oil & Gas Authority (NOGA) to import Liquefied Natural Gas (LNG) to supplement domestic production and ensure gas demand is met.
As part of refuelling infrastructure projects in Bahrain, nogaholding has invested jointly with Bahrain Airport Company in BAC Jet Fuel project, expected to complete in 2020, for the purpose of construction and owing the new refuelling infrastructure at Bahrain International Airport following the relocation of the existing refuelling facilities.
PORTFOLIO GROWTH
Overview16 nogaholding Annual Report 2017
Overviewnogaholding Annual Report 2017 17Overview 17
Year
33.3%33.3%33.3%
nogaholdingSabic, KSAPIC, Kuwait
Ownership
1979
33.3%
Year
27.5%27.5%45%
nogaholdingBapco
Neste Oil, Finland
Ownership
2009
55%
Year
50%50%
nogaholdingBahrain Airport Company
Ownership
2017
50%Year
100% nogaholding
Ownership
2008
100%
Year
85%15%
nogaholding & BapcoGreenergy, UK
Ownership
2016
85%
Year
60%27%13%
nogaholdingChevron, Bahrain
BP, Middle East
Ownership
1985
60%
Year
30%30%24%16%
nogaholdingTeekay, Canada
GIC, KuwaitSamsung C&T, South Korea
Ownership
2015
30%
Year
75%12.5%33.3%
nogaholdingChevron, BahrainBoubyan, Kuwait
Ownership
1979
75%
Year
100% nogaholding
Ownership
1929
100%
Year
100% nogaholding
Ownership
2009
100%
nogaholding Annual Report 2017
Overview nogaholding Annual Report 201718
Governance
nogaholding has well-established governance standards with clearly defined policies, processes and systems that have been developed to ensure robust accountability.
nogaholding’s Board of Directors comprise a Chairman and five Board members who are appointed by His Royal Highness Prince Khalifa bin Salman Al-Khalifa, The Prime Minister, and His Royal Highness Prince Salman bin Hamad Al- Khalifa, The Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister.
The Board holds primary responsibility for the implementation of nogaholding’s strategy and oversees nogaholding’s financial performance and management.
nogaholding does not seek to micro manage portfolio companies, but is represented on the boards of directors and influences through the Chief Executives and the managements of the companies in which it invests.
nogaholding acknowledges that good governance is essential for sustaining and enhancing company value and for maintaining stakeholder confidence. nogaholding aspires to the highest standards of ethical conduct and to complement its corporate mission, nogaholding has adopted a robust and pragmatic corporate governance framework founded upon integrity, transparency, competence and accountability.
nogaholding acknowledges that good governance is essential for sustaining and enhancing company value and maintaining stakeholder confidence.
Transparency
nogaholding recognises the importance of building a clear understanding of who we are, what we invest in, and why we invest, in order to build trusted relationships with joint venture partners, the banking community, government bodies, and regulators in Bahrain and throughout the world.
nogaholding has in place a transparent and sound governance structure that provides for adequate operational controls, risk management and accountability.
CORPORATE GOVERNANCE
Overview18 nogaholding Annual Report 2017
Portfolio Companies nogaholding Annual Report 201720
PORTFOLIOCOMPANIESOverview
The Bahrain Petroleum Company (BAPCO) 22
The Bahrain National Gas Company (BANAGAS) & Bahrain National Gas Expansion Company (TAWSEAH) 34
Gulf Petrochemical Industries Company (GPIC) 42
Bahrain Aviation Fuelling Company (BAFCO) 52
Bahrain Lube Base Oil Company (BLBOC) 56
Tatweer Petroleum Company (TATWEER) 60
Bahrain LNG WLL (BLNG) 66
Bahrain Gasoline Blending (BGB) 70
BAC Jet Fuel Company (BJFCO) 74
Portfolio Companies22
THE BAHRAIN PETROLEUMCOMPANY (BAPCO)
Portfolio Companies22
Year of Establishment
Shareholding
Business/Sector
Capacity
Accreditation
1929
100% nogaholding
Oil exploration, refining, marketing and distribution of petroleum products
262,000 barrels per day
ISO 9001 QMS,ISO 14001 EMS,IS 18001 OHSASISO 22301 BCM, OEMS(Operational ExcellenceManagement Systemdesigned to PAS 99)
nogaholding Annual Report 2017
Portfolio Companies 23
Bapco’s Investment in Business and Operational Excellence, Reliability Engineering and Personnel Development Returns Year on Year Performance Improvements
261,614BPCDCRUDE REFINED
57.1 vol%MIDDLE DISTILLATESPRODUCED
Double WinnerHEALTH & SAFETY
WINNERENVIRONMENTALMANAGEMENT
14.8 MillionHoursWITHOUT LOSTTIME INJURY
406SHIPSLOADED
Portfolio Companies 23nogaholding Annual Report 2017
Portfolio Companies nogaholding Annual Report 201724
Operational Performance
The refinery Operational Availability (Solomon rolling average) was 96.51%, the highest in 5 years. This achievement enabled Bapco to profitably refine 1.6 millon barrels more crude than planned.
Volumes in million barrels
Note: Imports/stockdraws of blending components & intermediate feedstocks are excluded from the refinery production above
REFINERY PRODUCTIONON CRUDE PROCESSED
98 MILLION BBLS
INTERNATIONAL EXPORT SALESBapco share of Joint Ventureproduction
84 MILLION BBLS
1 1
18
28
136
17
30
22
212
21
13
24
Portfolio Companiesnogaholding Annual Report 2017 25
SULPHUR
GASOIL/DIESEL
LPG
ASPHALT
GASOLINE
BASE OILS
NAPHTHA
KERO/JETFUEL OIL
Stable outlets for refined products were successfully secured in a challenging International Market that was over-supplied with middle distillates, contributing an additional circa $130 million above the benchmarked standard.
LOCAL MARKET CONSUMPTION
11 MILLION BBLS
DOMESTIC EXPORT SALESJetA1 to Bahrain InternationalAirport & Gasoil Bunkers
4 MILLION BBLS
0.3
6.8
0.8
3.5
20.5
0.4
Portfolio Companies26
Portfolio Companies26
Major Projects
Fire Water System ReplacementCost: $83.4 million EPC ContractContractor: JGC Gulf International CompanyCompletion: 2019
Crude Unit heaters’ replacementCost: $26.5 millionCompletion: 2019
Refinery Process Cooling Water System upgradingCompleted
Bapco Command CentreCompleted
100%
100%
24%
25%
nogaholding Annual Report 2017
Portfolio Companies 27Portfolio Companies 27
The Oil and Gas Academy
A Learning and Development Center preparing employees and trainees to meet the future needs of Bahrain’s Oil & Gas industries.
Accreditation: Institute of Leadership and Management (ILM) and City & Guilds of UK.
The Learning & Development is a strategic business
partner delivering value to the business and to society by:
Satisfying customersby being a recognised centre of
excellence for world class learning.
Being an enterprising team comitted to growth through learning
and trusted by all stakeholders.
Empowering team membersto create a dynamic performance - oriented environment to meet
changing business needs.
nogaholding Annual Report 2017
Portfolio Companies28
Learning & Development2017 highlights
2,252INDIVIDUALEMPLOYEESTRAINED
946TRAINING PROGRAMME
97,797LEARNING HOURS
Portfolio Companies28
Total learning hours by Topics
English 13,692
50,845
15,64817,603
HSEMgt & LeadershipTechnical
nogaholding Annual Report 2017
Portfolio Companies 29
617PROGRAMME
329PROGRAMME
2,199CONTRACTORSATTENDED BAPCO TRAINING PROGRAMMES
75GRADUATESCHOLARSHIPS
2,855*EMPLOYEES
638*EMPLOYEES
20TRAINEES SELECTED FOR THE DIPLOMA IN OIL & GAS ACADEMY
270INDUSTRIALTRAINING
7,376ATTENDEES
1,061ATTENDEES
304CHILDREN OF BAPCO EMPLOYEE SCHOLARSHIPS
12INJAZ BAHRAIN STUDENTMENTORSHIPPROGRAMME
Internal Training(Excluding Fire School & Contractor Industries)
* Represents individual employees for each training type
* Represents individual employees for each training type
External Training
Contractor, Scholarship, Diploma & Student Training
nogaholding Annual Report 2017
Portfolio Companies30 Portfolio Companies30
The Bapco Modernisation Programme (BMP)
The BMP is a major refining and development project, which will be the Company’s single largest investment in its long history, and consists of a group of related projects that are expected to be managed in a coordinated way to maximise benefits.
The BMP will involve the installation of new units such as crude and vacuum units, a new reside hydrocracker, a HVGO hydrocracker, a diesel hydrotreater and several other process units with associated utilities.
The capacity of the Refinery will be increased from 267,000 bpd to 380,000 bpd after completion of the BMP.
BMP 2017 Highlights
Bid evaluations
Package A
Package B
Environmental & Social Due Diligence (ESDD)
Front EndLoading (FEL)
Zero Lost Time Incidents
To select the preferred Engineering, Procurement and Construction (EPC) Consortium
Site Works awarded to DownTown in Feb 2017. Cliff edge work measuring 2 km completed
Site Works awarded to Al Hassanain in Feb 2017, with work completed in Sep 2017.
Established ESDD with an action plan, independent auditing and monitoring across BMP’s life cycle.
refers to organized and progressively detailed project definition and execution development. Independent Project Anal-ysis Inc. (IPA) concluded that the project FEL was Good to Best.
2.2 million continuous hours
100%
85%
100%
100%
100%
nogaholding Annual Report 2017
Portfolio Companies32 Portfolio Companies32
AB Pipeline Project
The Bapco refinery receives Arabian Light crude from Saudi Arabia via an overland and subsea pipeline built in 1940s. A new pipeline is replacing the existing 235,000 bpd pipeline.
A new 118km long, 30-inch pipeline with a maximum nameplate capacity of 400,000 bpd.
Will link the Sitra Refinery to Saudi Arabia’s plant at Abqaiq, eastern Saudi Arabia. Abqaiq Plant is Saudi’s Aramco’s largest oil processing facility the largest crude oil Stabilisation Plant in the world.
Contracts for the 43km long onshore Saudi Arabia stretch of the pipeline and the 41km offshore stretch were awarded to Al Robaya Holding Company of Saudi Arabia and UAE’s National Petroleum Construction Company, respectively.
The Construction contract for the 28km onshore Bahrain stretch was awarded to Ramsis Engineering Company of Bahrain.
Construction is expected to complete by Q4 2018.
118KMLENGTH
SITRAREFINERY
ABQAIQ, EASTERN SAUDI ARABIA
30 INCHPIPELINE
NAMEPLATE CAPACITY OF 400,000 BPD
nogaholding Annual Report 2017
Portfolio Companies34
BAHRAIN NATIONAL GAS COMPANY B.S.C. (BANAGAS)
BAHRAIN NATIONAL GASEXPANSION COMPANY S.P.C.(TAWSEAH)
Portfolio Companies34
Year of Establishment
Shareholding
Business/Sector
Capacity
Accreditation
BANAGAS TAWSEAH
1979
75% nogaholding12.5% Chevron Bahrain12.5% Boubyan, Kuwait
Gas processing Unit
303 MMSCFD (Combined)
ISO 9001 QMS, ISO 14001 EMS, ISO 18001 OHSAS, ISO 2000, IT
2008
100% nogaholding
Gas processing Unit
303 MMSCFD (Combined)
ISO 9001 QMS, ISO 14001 EMS, ISO 18001 OHSAS, ISO 2000, IT
nogaholding Annual Report 2017
Portfolio Companies 35
During the year the Audit, Risk, Governance and Compliance (“ARGC”) Committee continue meeting to review progress on implementing recommendations from various parties including its Enterprise Risk & Business Continuity Management Committee.
Developed a few business continuity plans for strategic scenarios.
72,141metric tonnes BUTANE PRODUCED
81,242metric tonnes PROPANE PRODUCED
82,110metric tonnesOF PRODUCT WAS RECOVERED FROM REFINERY OFF GAS (ROG) ON BEHALF OF BAPCO.
15 VESSELSLOADED WITH LPG
7 VESSELSLOADED WITH NAPHTHA
182,414metric tonnes NAPHTHA PRODUCED
114LOADING OPERATIONS WERE CARRIED OUT FOR LOCAL SALES OF PROPANE.
$148.28 MILLIONNET SALES REVENUE
$11.7 MILLIONCONSOLIDATED PROFIT
Portfolio Companies 35nogaholding Annual Report 2017
Portfolio Companies36
Portfolio Companies36
Major projects
Bahrain Gas Plant Project (CCP-III)
CGP-III
Pipeline and Sitra StorageExpansion
Comprises building additional Gas Processing Train (CGP-III) and Storage expansion at Sitra.
Successfully achieved Financial Close (FC) for the $515 million syndicated loan facility with 7 participating banks.
107 employees recruited including 39 under the Bahrainisation programme approved by Tamkeen.
Commissioning and start up scheduled for 4th Quarter 2018.
Overall progress is 86.7%.
Erection of all heavy equipment completed as well as piping prefabrication.
Civil works on the 66kV Primary Substation completed. Commissioning and testing in progress. Energizing planned in Q1 2018 and completion is by Q2 2018.
Overall progress is 71.7%.
Construction works in progress including foundation for pipe rack, compressors and other key equipment. Mechanical works on the new Butane and Propane product storage tanks are in progress.
nogaholding Annual Report 2017
Portfolio Companies 37
Plant Gas Throughput and ProductionTrain I & II
FEED GAS
113,000109,900113,100102,000 107,400
2013 2014 2015 2016 2017
Production volume in Metric Tonnes.
nogaholding Annual Report 2017
Portfolio Companies nogaholding Annual Report 201738
NAPHTHA
195,600195,300202,200182,100 183,700
Production volume in Metric Tonnes.
Plant Gas Throughput and ProductionTrain I & II
PROPANE
BUTANE
89,400 95,200 117,000 118,800
137,700137,500108,600115,000
2013 2014 2015 2016 2017
110,200
124,000
Portfolio Companiesnogaholding Annual Report 2017 39
Production volume in Metric Tonnes. Product Export
PROPANE
BUTANE
NAPHTHA
2013
2013
2013
2014
2014
2014
2015
2015
2015
2016
2016
2016
2017
2017
2017
81,700
99,200
179,500
91,600
102,000
202,200
109,300
113,500
202,900
124,600
118,900
199,600
98,500
99,300
182,000
Portfolio Companies40
Portfolio Companies40
Training and Development
821TRAINEES
195 COURSES
18,623TOTALTRAINING HOURS
1051TRAINEES
286 COURSES
28,876TOTALTRAINING HOURS
836TRAINEES
301 COURSES
30,006TOTALTRAINING HOURS
971 TRAINEES
273 COURSES
28,388TOTALTRAINING HOURS
1222TRAINEES
191 COURSES
32,694TOTALTRAINING HOURS
2013
2014
2015
2016
2017
nogaholding Annual Report 2017
Portfolio Companies 41
Awards and Achievements
The Company’s commitment to highest standards of occupational health, safety and environment protection was recognised by the receipt of
“Industry Sector Winner Award (Oil & Gas Industry)” from the Royal Society for the Prevention of Accidents (RoSPA) - UK.
“International Safety Award with Distinction” from British Safety Council (BSC) - UK.
“International Safety Sector Award Winner” from British Safety Council (BSC) - UK.
“First Place, Division II classification, International Safety Award” from Gas Processors Association (GPA) - USA.
“Occupational Excellence Award” from the National Safety Council - USA.
Portfolio Companies 41
3,120,999MAN-HOURSSUCCESSFULLY WORKED WITHOUT ALOST- TIME ACCIDENT SINCE AUGUST 2014
32,694HOURS TRAINING PROVIDED TO EMPLOYEES WITH 191 COURSES ATTENDED BY 1,222PARTICIPANTS
“Combined OHSAS 18001:2007 and ISO 14001: 2004 Re-Certification from Bureau Veritas Certification (BVC)
The Company successfully recertified to the environmental standards ISO: 14001 and OSHA : 18001 in Feb 2017.
BSI confirmed continued accreditation to Quality Management System (ISO 9001:2015) to 2020.
Successfully completed the first surveillance for the ISO20000 certification.
nogaholding Annual Report 2017
Portfolio Companies42
GULF PETROCHEMICAL INDUSTRIES COMPANY (GPIC)
Portfolio Companies42
Year of Establishment
Shareholding
Business/Sector
Capacity
Accreditation
1979
33.3% nogaholding33.3% Sabic, KSA33.3% PIC, Kuwait
Petrochemical Plant
Ammonia 1,200 MTPD Methanol 1,200 MTPDUrea 1,700 MTPD
ISO 9001 QMS, ISO 14001 EMS, ISO 18001 OHSAS, ISO 27001 ISMS, PAS 99 IMS, ISO 31000 RM, ISO 22301 BCM RC14001, EMS 50001, ISO 17020, ISO 17025, IFA P&Sdesigned to PAS 99)
nogaholding Annual Report 2017
Portfolio Companies 43
Operational Performance
1.2 million metric tonnesTOTAL PRODUCTS WERE SHIPPED
1,604,725 metric tonnesTOTAL PRODUCTION OF AMMONIA, UREA AND METHANOL
> 99% UTILISATION FACTOR AND ON-STREAM FACTOR
73VESSELSLOADED
Portfolio Companies 43nogaholding Annual Report 2017
Portfolio Companies44
UREA METHANOL AMMONIA
Monthly Urea production of 62,300 tonnes for January 2017 was the highest ever achieved
Daily production of 2,055 MT on 12th of December was the highest ever
The Urea Plant completed 933 days of continuous production run.
The Methanol Plant completed 576 days of continuous production run.
Plant completed 804 days of continuous production run.
Portfolio Companies44
20.2821.88
23.3524.97
26.57
Cumulative Total Production,2013 to 2017
2013 2014 2015 2016 2017
nogaholding Annual Report 2017
Portfolio Companies 45
Onstream factor 2013 to 2017
Utilisation factor 2013 to 2017
METHANOL
METHANOL
AMMONIA
AMMONIA
UREA
UREA
99.81
105.40
99.94
103.64
91.55
103.67
99.55
106.96
100
106.07
98.92
103.00
99.93
103.44
90.02
102.58
99.08
102.21
99.60
101.35
96.81
114.50
100
111.86
92.82
112.07
99.65
112.87
99.02
113.60
2013 2014 2015 2016 2017
nogaholding Annual Report 2017
Portfolio Companies 47
45SHIPSLOADED
57%
METHANOL
METHANOL
UREA
UREA
AMMONIA
AMMONIA
21SHIPSLOADED
37%
7SHIPSLOADED
6%
Methanol tanker loading was initiated by end-December 2016 for local sale. This progressed very well during 2017 resulting in a total of 1,196 MT Methanol being sold in that year. The Methanol sold in Bahrain is used in downstream industry thus boosting the sustainable development of the country.
Export in 2017 (Products)
No. of Ships loaded in 2017
Portfolio Companies 47nogaholding Annual Report 2017
Portfolio Companies48
Exports by Country
India China Turkey
Taiwan China Korea Thailand USAUAE
Total QuantityExported (MT)
Total QuantityExported (MT)
76%15%9%
45%21%11%9%8%6%
AMMONIA EXPORTS
METHANOL EXPORTS
Portfolio Companies48
73,494.497
454,200
nogaholding Annual Report 2017
Portfolio Companies 49
BrazilCanadaUSAIndiaAustraliaTurkeyThailandSouth AfricaUruguay Argentina Tanzania Mozambique
BrazilCanadaUSAIndiaTaiwanAustraliaTurkeyThailandSouth AfricaKoreaUruguayArgentina TanzaniaChinaMozambique
Total QuantityExported (MT)
Total QuantityExported (MT)
18%18%17%17%16%7%7%6%4%3%3%2%
18%18%17%17%17%16%7%7%6%4% 4%3%3%2%2%
UREA EXPORTS
CUMULATIVE EXPORTS (AMMONIA, METHANOL & UREA)
Portfolio Companies 49
676,791
1,204,485
nogaholding Annual Report 2017
Portfolio Companies50
Portfolio Companies50
UF85 Project
New Nitrogen Plant
The contract for 22 metric tonnes per day (mtpd) Urea Formaldehyde (UF85) unit was awarded to JGC Gulf International Company for a lump sum cost of $13 million.
The project will contribute to securing GPIC’s chemicals requirements for the manufacturing process of Granular Urea. The unit will manufacture Urea Formaldehyde, a necessary and key component in the production and manufacture of Urea granules. GPIC currently imports this from other countries.
Actual production is expected to start Q3 2018.
A new Cryogenic Nitrogen unit with a capacity of 950 Nm3/hr is being installed to meet the additional demand of Nitrogen on normal operations and during plant turnarounds.
The plant is supplied by ‘Air Liquid, Global E & C solutions’.
Start production of Nitrogen is expected by Q1 2018.
Major Projects
Portfolio Companies50 nogaholding Annual Report 2017
Portfolio Companies 51
Awards and Achievements
> 24.5 millionACCIDENT FREE MAN-HOURS SINCE 2015
NO LOST TIME ACCIDENT DAYS REACHING 5,400 TO DATE
GPIC was recognised with:
The ‘Mohamed Bin Rashid Al Maktoum’Business Innovation Award (1st cycle) and its Business Excellence Award (9th cycle) in 2017.
‘Her Majesty QueenElizabeth II’ GoldCategory (RoSPA) Award
The Saudi Arabia Award for Environment Management in the Private Sector by the Rabat, Morocco-based Agricultural Management Islamic Educational, Scientific and Cultural Organisation (ISESCO).
Portfolio Companies 51nogaholding Annual Report 2017
Portfolio Companies52
BAHRAIN AVIATION FUELLINGCOMPANY (BAFCO)
Portfolio Companies52
Year of Establishment
Shareholding
Business/Sector
Accreditation
1985
60% nogaholding27% Chevron, Bahrain13% BP, Middle East
Operate and maintainaviation fuel storage andhandling and into-planedelivery services.
ISO 9001 QMS, ISO 18001 OHSAS
nogaholding Annual Report 2017
Portfolio Companies 53
39,223NUMBER OF AIRCRAFT REFUELLED IN 2017
Portfolio Companies 53
148MILLION US GALLONTOTAL VOLUME UPLIFT IN 2017
1,620,828BAFCO LTI FREE
411,100CONTRACTOR LTI FREE HOURS
nogaholding Annual Report 2017
Portfolio Companies nogaholding Annual Report 201754
Operational Performance:
- The total volume uplift at Bahrain International Airport has increased over the last 4 years with a total of 148 Million US gallons of fuel from January to December 2017
- BAFCO recertified to ISO 9001: 2015
- BAFCO (and its contractors) have achieved over 2.0 million man- hours without any Lost Time Incident, by end of December 2017
NO. OF AIRCRAFT REFUELLED
TOTAL VOLUME UPLIFT (MILLIONS USG)
39,223
148
2017
39,475
133
2013
40,836
131
2014
41,623
143
2015
40,946
144
2016
Portfolio Companiesnogaholding Annual Report 2017 55
BAFCO AND CONTRACTOR LTI-FREE HOURS
880,680
266,779
1,069,978
278,710
1,228,157
290,083
1,450,056
354,105
1,450,056
411,100
BAFCO LTI FREE
CONTRACTOR LTI FREE HOURS
2013 2014 2015 2016 2017
Portfolio Companies56
BAHRAIN LUBE BASE OILCOMPANY (BLBOC)
Portfolio Companies56
Year of Establishment 2009
Shareholding 27.5% nogaholding 27.5% Bapco 45% Neste Oil, Finland
Business/Sector Group III Very High Viscosity Index (VHVI) Lubricant Base Oils
Capacity 400,000 MTPY
Accreditation ISO 9001 QMS, ISO 14001 EMS, ISO 18001 OHSAS, ISO 22301 BCM OEMS (Operational Excellence Management System designed to PAS 99)
nogaholding Annual Report 2017
Portfolio Companies 57Portfolio Companies 57
Operational Performance
Lube Base Oils
- Bapco operates and maintains the Lube Base Oil Plant at Sitra on behalf of the Bahrain Lube Base Oil Company (BLBOC) joint venture
- Neste used to lift and market all BLBOC products, however, from early Q4 2017, each shareholder has commenced marketing and selling its own equity share of product. Bapco markets Bahrain share with its registered brand BAPbase® that is now in the market
Finished Lubricants
- Bapco’s Finished Lubricants product range, officially launched in December 2014, uses BAPbase® base oils in some of its formulations
- Bapco’s domestic lubricant sales doubled over the last couple of years. A range of industrial lubricants, especially Turbine Oils and Industrial Gear Oils, are being developed for use at Refineries
- The domestic and export business continues to expand, with new customers and distributors in other GCC countries, as well as internationally
nogaholding Annual Report 2017
Portfolio Companies58
TOTAL LUBE BASE OIL LIFTED IN (MT)
FEEDSTOCK COST ($/MT)
WEIGHTED AVERAGE PRODUCT PRICE ($/MT)
20172016201520142013
515.00416.00498.00855.00925.00
631.00 753.00728.00982.001,043.00
363,000.00331,000.00353,000.00319,000.00325,000.00
nogaholding Annual Report 2017
Portfolio Companies60
TATWEERPETROLEUM
Portfolio Companies60
Year of Establishment
Shareholding
Business/Sector
Accreditation
2009
100% nogaholding
Redevelopment and growth of Bahrain field
ISO 9001 QMS,ISO 9001:2008,Drilling Fluid Lab
nogaholding Annual Report 2017
Portfolio Companies 61
672ACTIVE BEAM PUMP UNITSBY YEAR END
653,412MAINTENANCEMAN-HOURSCOMPLETED
202STIMULATION JOBS WERE CARRIED OUT TO INCREASE OIL PRODUCTION
366WORKOVERS
Portfolio Companies 61
Operational Performance
nogaholding Annual Report 2017
Portfolio Companies nogaholding Annual Report 201762
50,00225,80050,412128,80067,273
2017
2016
2015
20142013
Training & Development Hours
Gas Delivered (MMSCFD)
2,048
2,100
2,1922,283
2,339
20172016201520142013
Portfolio Companies 63
20172016201520142013
949
883845
783651
Black Oil Production(MBOPD)
No. of wells (cumulative)
Portfolio Companies 63
20172016201520142013
43.3 44.446.244.1 40.2
nogaholding Annual Report 2017
Portfolio Companies64
CONSTRUCTION OF THE NEW 500 MILLION SCFFD CAPACITY CENTRAL GAS DEHYDRATION UNITPROGRESSED
Major Projects
97%
Portfolio Companies64 nogaholding Annual Report 2017
Portfolio Companies 65
4.4 millionMAN HOURS WITHOUT LOST TIME INJURY
Achievements
Portfolio Companies 65nogaholding Annual Report 2017
Portfolio Companies66
BAHRAIN LNG W.L.L. (BLNG)
Portfolio Companies66
Year of Establishment 2015
Shareholding 30% nogaholding 30% Teekay, Canada 24% GIC, Kuwait 16% Samsung C&T, South Korea
Business/Sector Receiving terminal for regasification of Liquified Natural Gas (LNG)
Capacity 800 MMSCFD
nogaholding Annual Report 2017
Portfolio Companies 67Portfolio Companies 67
Operational Performance
Bahrain LNG construction commenced mid-Q4 2016 with GS Engineering & Construction (South Korea) as main contractor, MCSC as the main onshore construction contractor and Six Construct as the main offshore construction contractor.
At December 31st 2017:
- The offshore loading platform and jetty are nearing civil works completion ready for mechanical erection works to start in early 2018. Breakwater construction and dredging of the terminal area and approach channel are near completion;
- The Onshore Receiving Facility (ORF) at Khalifa bin Salman Port (KBSP) has all building and plant foundation erection works approaching completion;
- The Nitrogen Production Facility pipe rack erection is in progress, and a number of equipment packages have been installed;
- Part of the onshore pipeline construction running from the ORF to the tie-in point at the Hidd Metering Station is nearing completion, including the boring of the inner port crossing with horizontal direct drilling technology;
- Fabrication of the Regasification Platform (Thailand) and the Jacket (South Korea) is progressing;
- The overall project design, engineering and construction progress is at 57%.
nogaholding Annual Report 2017
Portfolio Companies nogaholding Annual Report 201768
812,828TONNES OF ROCK
Placed 812,828 tonnes of rock (total to complete was 836 066 tonnes)
98,500 CUBIC METRES
Dredged 98,500 cubic metres out of 116,000 cubic metres total
134 PILES
Completed piling of 134 piles out of a total of 215
Achievements
- No Lost Time Incidents (LTI) with over 4.6 million manhours worked to end of 2017
- Successful mobilisation and commencement of EPC phase.
- Successful financing and funding of project:
• The deal was awarded LNG Deal of Year by Project Finance International (PFI) – London (UK)
• The deal was awarded Middle Eastern ECA Finance Deal of the Year (TXF) – Venice (Italy)
4.4 millionMAN HOURS WITHOUT LOST TIME INJURY
1,912ACCROPODES
Placed 1,912 Accropodes out of 9,334
7,734ACCROPODES
Fabricated 7734 Accropodes out of 9 334
Portfolio Companies70
BAHRAIN GASOLINE BLENDING (BGB)
Portfolio Companies70
Year of Establishment 2016
Shareholding 85% nogaholding & Bapco 15% Greenergy, UK
Business/Sector Gasoline Blending Facility
Capacity Understudy
nogaholding Annual Report 2017
Portfolio Companies 71Portfolio Companies 71
Operational Performance
The joint venture is developing dedicated blending facilities in Bahrain that will allow it to process a wider variety of gasoline components and position Bahrain as leading participants in gasoline markets in the Middle East
- BGB started “Go Live” operations on 20th Feb 2017 as planned
- It is a fully functional independent entity capable of trading, blending, risk management and financing
- BGB blended more than 6 million barrels of gasoline for Bahrain & export markets
- The Joint Venture is adding value to the Bahrain’s gasoline pool in terms of better blend margins, trading and risk management by hedging
- BGB has trading relationships with most of the major refineries & traders in the region
- BGB completed its first operational year successfully
nogaholding Annual Report 2017
Portfolio Companies72
MAJOR INJURY
0
MINORINJURY
0
INCIDENTS(NEAR MISS)
0
Achievements
Active gasoline trading from Bahrain:BGB exported finished gasoline cargo from Bahrain. It also actively seeks trading opportunities in the market.
Risk management: BGB manages price risk by hedging its exposure via trading in the financial derivatives market.
Portfolio Companies72 nogaholding Annual Report 2017
2017 Turnaround from Inception to Operations
Feb’17
Mar’17 Apr’17
May’17 Jul’17
Sep’17 Nov’17‘Go Live’ Daily Mark-to-
Market & stock reports
Switched blending tool to ‘What’s Best’
BGB introduced in MPGC conference
Trade Finance & Derivative clearing line in place
1st Export Cargo
Import & export
1st Annual Shareholders’ meeting in Bahrain
Portfolio Companies74
BAC JET FUELCOMPANY (BJFCO)
Portfolio Companies74
Year of Establishment
Shareholding
Business/Sector
2017
50% nogaholding,50% Bahrain AirportCompany
Construction and owning the new refuelinginfrastructure at BIA
nogaholding Annual Report 2017
Portfolio Companies 75Portfolio Companies 75
BAC Jet Fuel Company is in the process of expanding (1) the hydrant system and (2) construction a new fuel storage facility (Fuel Farm) at the Bahrain International Airport.
Project Fuel Hydrant System Fuel Farm
Main Contractor Amana Pipeline Construction L.L.G Arabtech TAV JV
Start Date 40 Months 24 Months
Completion date Q2 2020 Q1 2019
Overall Progress 38% 16%
Total Man-Hours to end-Dec 2017
64,573 81,703
Lost Time Incident (LTI) 0 0
Accomplished Activities - 18” fuel hydrant header along with all risers completed & hydrant pit boxes installed
- 20” fuel hydrant header along with all spur lines and hydrant pit boxes completed
- Hydrotesting, pigging and drying successfully completed
- 18” interconnecting headers completed
- Main Storage Tank T01: Concerting of foundation & ring beam completed
- Main Storage Tank T02: Excavation, levelling and compaction completed
- Main Storage Tank T03: Blinding completed
- Main Storage Tank T04: Formwork and rebar installation completed
- First 3D Model Review completed
nogaholding Annual Report 2017
Consolidated Financial Statements nogaholding Annual Report 201776
FINANCIALSTATEMENTSConsolidated Statement of Financial Position 78
Consolidated Statement of Profit or Loss and Other Comprehensive Income 79
Consolidated Statement of Cash Flows 80
Consolidated Statement of Changes in Equity 82
Consolidated Financial Statements nogaholding Annual Report 201778
2017 BD ‘000
2016BD ‘000
ASSETS Non-current assetsProperty, plant and equipment 944,198 980,916 Capital work-in-progress 430,607 226,280 Investments in associates 62,822 50,763 Long-term assets 24,207 23,564 Derivative financial instruments 1,697 - Restricted cash 10,598 10,089
1,474,129 1,291,612
Current assetsInventories 203,688 198,349 Trade and other receivables 366,527 283,990 Due from a related party 590,351 344,591 Cash and bank balances 458,649 106,213
1,619,215 933,143 TOTAL ASSETS 3,093,344 2,224,755
EQUITY AND LIABILITIESEquityShare capital 1,184,400 1,184,400 Capital adjustment account (421,609) (421,609)Contribution from shareholder 346,762 318,960 Sinking fund reserve 160,125 160,125 Statutory reserve 323,915 300,294 Cash flow hedge reserve 2,540 - Retained earnings 288,098 132,063 Equity attributable to the shareholder of the Parent 1,884,231 1,674,233 Non-controlling interests 8,115 7,643 Total equity 1,892,346 1,681,876
LiabilitiesNon-current liabilitiesBorrowings 609,340 75,777 Employees’ end of service benefits 17,241 16,159 Retention payable 6,848 2,723 Abandonment and restoration costs obligations 182,609 174,317
816,038 268,976
Current liabilitiesBorrowings 5,655 5,655 Dividend payable 56,400 56,400 Trade and other payables 321,978 211,848 Income taxes payable 927 -
384,960 273,903 Total liabilities 1,200,998 542,879 TOTAL EQUITY AND LIABILITIES 3,093,344 2,224,755
CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAt 31 December 2017
Consolidated Financial Statementsnogaholding Annual Report 2017 79
2017 BD ‘000
2016BD ‘000
Sales 2,307,255 1,790,670 Cost of sales (1,697,830) (1,255,179)Gross profit 609,425 535,491 Other income 63,063 35,163 Staff costs (79,667) (64,072)Maintenance and other expenses (93,289) (90,933)Other expenses (122,112) (118,953)Depreciation (137,627) (134,296)Operating profit 239,793 162,400 Finance income 8,651 2,574 Finance costs (12,353) (5,881)Share of profit from associates - net 2,388 371 Loss on disposal of an associate (952) - Profit before income tax 237,527 159,464 Income tax expense (927) - Net profit for the year 236,600 159,464
Other comprehensive income Other comprehensive income to be reclassified to profit or loss in subsequent periods:Gain on cash flow hedge reserve 1,697 - Share of gain on cash flow hedge from an associate 843 -
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:Actuarial gain (loss) 191 (202)Share of actuarial loss from associates (195) (202)TOTAL COMPREHENSIVE INCOME FOR THE YEAR 239,136 159,060
Net profit for the year attributable to:Shareholder of the parent 236,210 159,782 Non-controlling interests 390 (318)
236,600 159,464
Total comprehensive income attributable to:Shareholder of the parent 238,746 159,378 Non-controlling interests 390 (318)
239,136 159,060
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHERCOMPREHENSIVE INCOMEFor the year ended 31 December 2017
Consolidated Financial Statements nogaholding Annual Report 201780
2017 BD ‘000
2016BD ‘000
OPERATING ACTIVITIESNet profit before tax for the year 237,527 159,464 Adjustments for: Depreciation 137,627 134,296 Bahrain crude oil purchases 4,797 4,743 Fees from gas field operations (1,283) (1,218) Finance income (8,651) (2,574) Finance costs 12,353 5,881 Share of profit from associates - net (2,388) (371) Loss on disposal of an associate 952 - Fair valuation gains on derivatives - (423) Loss on disposals of property, plant and equipment - 5 Property, plant and equipment written-off 4 523 Capital work-in-progress written-off 474 338 Provision for slow-moving inventories 600 755 Provision for doubtful trade and other receivables 11,723 42,839 Provision for employees' end of service benefits 2,593 2,783 Working capital changes: Inventories (5,691) (80,379) Trade and other receivables (97,905) (51,331) Trade and other payables 102,509 71,038 Retention payable 4,125 -
Net cash flows from operations 399,366 286,369 Employees' end of service benefits paid (1,320) (1,008)Income tax paid - (272)Net cash flows from operating activities 398,046 285,089
CONSOLIDATED STATEMENT OF CASH FLOWSFor the year ended 31 December 2017
Consolidated Financial Statementsnogaholding Annual Report 2017 81
2017 BD ‘000
2016BD ‘000
INVESTING ACTIVITIESPurchase of property, plant and equipment (55,742) (31,624)Additions to capital work-in-progress (247,534) (129,289)Additions in associate (10,717) - Consideration received on disposal of an associate 1,743 - Dividends received from associates - 124 Movement in long-term assets (643) 267 Movement in restricted cash (509) 13,436 Finance income received 8,651 2,574 Investment in a subsidiary (964) - Net cash used in investing activities (305,715) (144,512)
FINANCING ACTIVITIESNet movements in amounts due from a related party (211,093) (260,438)Proceeds from borrowings 539,218 64,467 Repayment of borrowings (5,655) (31,083)Finance costs paid (5,726) (5,942)Movement in shareholders current accounts of Bafco (89) (22)Dividends paid (56,550) - Net cash flows from (used in) financing activities 260,105 (233,018)
NET INCREASE (DECREASE) IN CASH AND BANK BALANCES 352,436 (92,441)Cash and bank balances at 1 January 106,213 198,654 CASH AND BANK BALANCES AT 31 DECEMBER 458,649 106,213
CONSOLIDATED STATEMENT OF CASH FLOWS (continued)For the year ended 31 December 2017
Consolidated Financial Statements nogaholding Annual Report 201782
Equity attributable to equity shareholder of the parent
Sharecapital
BD ‘000
Capitaladjustment
accountBD ‘000
Contributionfrom
shareholderBD ‘000
Sinkingfund
reserveBD ‘000
StatutoryreserveBD ‘000
Cash flow
hedgereserveBD ‘000
Retainedearnings*
BD ‘000Total
BD ‘000
Non-controlling
interestsBD ‘000
TotalBD ‘000
At 1 January 2017 1,184,400 (421,609) 318,960 160,125 300,294 - 132,063 1,674,233 7,643 1,681,876
Net profit for the year - - - - - - 236,210 236,210 390 236,600
Other comprehensive income (loss) - - - - - 2,540 (4) 2,536 - 2,536
Total comprehensive income - - - - - 2,540 236,206 238,746 390 239,136
Dividends proposed and paid - - - - - - (56,550) (56,550) - (56,550)
Movement in non-controlling interest: shareholders current accounts of Bafco - - - - - - - - (89) (89)
Acquisition of non-controlling interest - - - - - - - - 171 171
Transfer to statutory reserve - - - - 23,621 - (23,621) - - -
Contribution in kind - - 27,802 - - - - 27,802 - 27,802
At 31 December 2017 1,184,400 (421,609) 346,762 160,125 323,915 2,540 288,098 1,884,231 8,115 1,892,346
At 1 January 2016 1,184,400 (421,609) - 160,125 284,356 - 45,023 1,252,295 7,983 1,260,278
Net profit for the year - - - - - - 159,782 159,782 (318) 159,464
Other comprehensive income (loss) - - - - - - (404) (404) - (404)
Total comprehensive income - - - - - - 159,378 159,378 (318) 159,060
Dividends proposed - - - - - - (56,400) (56,400) - (56,400)
Movement in non-controlling interest shareholders current accounts of Bafco - - - - - - - - (22) (22)
Transfer to statutory reserve - - - - 15,938 - (15,938) - - -
Contribution in kind - - 318,960 - - - - 318,960 - 318,960
At 31 December 2016 1,184,400 (421,609) 318,960 160,125 300,294 - 132,063 1,674,233 7,643 1,681,876
* Retained earnings include non-distributable reserves arising from consolidation of subsidiaries amounting to BD 144,207 thousand (2016: BD 144,207 thousand).
CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFor the year ended 31 December 2017
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