Manama – Bahrain: Gulf Aluminium Rolling Mill “GARMCO”, a portfolio company of Bahrain Mumtalakat Holding Company “Mumtalakat”, announced the successful completion of a number of expansion and development projects totalling US $ 24.5 million, in accordance with the restructuring plan that the company agreed to with its creditors in November 2021, after filing for reorganisation in February 2019.
These projects included the expansion of the aluminium casting facility at a cost of US$ 7.5 million through the creation of a production line for aluminium coils using the “continuous casting” technique, to increase productivity, diversify products, and expand into new markets.
In addition, development initiatives totalling US$17 million are implemented, including the construction of a factory for extracting dyes from aluminium scrap to recycle a significant portion of the local market’s aluminium waste for export to international markets, and a water and industrial oils treatment project in line with the Kingdom of Bahrain’s commitment to reducing its environmental footprint.
Furthermore, GARMCO continues to implement its plan for reducing energy consumption and is in the process of modernising its hot rolling mill engine and introducing a nitrogen unit, as well as expanding production lines and enhancing a number of the factory’s main units in order to improve efficiency and productivity.
Mr. Arif Rahimi, Chairman of GARMCO and board representative of Mumtalakat, stated: “We are pleased with the significant transformation in the company’s operations and performance, as well as the positive results at various levels of the reorganisation plan that GARMCO is implementing with the support of all shareholders represented by the Board of Directors and led by Mumtalakat.”
Mr. Mohamed Rafea, Chief Executive Officer of GARMCO, said: “We are implementing the requirements of the reorganisation plan by continuing the development and expansion process in an effort to increase the company’s regional and global competitiveness. This has enabled us to record our highest level of profitability since the company’s inception as well as make our first repayment to creditors in the past year.”
Gulf Aluminium Rolling Mill “GARMCO” was founded in 1981 with Mumtalakat as one of its principal shareholders, and is regarded as one of the leading downstream aluminium manufacturing facilities in the Middle East for rolling, cutting, and fabricating high-grade aluminium that is exported to regional and global markets.