Bahri announced consolidated financial results for 2012

The National Shipping Company of Saudi Arabia (BAHRI) announced the annual consolidated financial results for the year ended 31st December 2012 as follows:
1. Net profit totaled SAR 504.0 million compared to a net profit of SAR 287.8 million for the corresponding past year, an increase of 75.1 %.
2. Earnings per Share from net profit (EPS) amounted to SAR 1.60 compared to SAR 0.91 for the corresponding past year.
3. Gross profit totaled SAR 574.5 million compared to SAR 339.2 million for the corresponding past year, an increase of 69.4%.
4. Operating profit totaled SAR 453.8 million compared to SAR 229.5 million, an increase of 97.7%
5. The reasons for the increase in the net profit during 2012 compared to 2011 are:
• Improvement in Oil & Gas Sector due to the increase of average time charter equivalent rates in VLCC spot market of crude oil transportation during the first half of the year.
• The improvement in General Cargo Sector.
• Bahri Dry Bulk Company (60% owned by Bahri) started its operations this year and earned profit.
• Increase in Bahri profit for its portion from Petredec Ltd. (30.30% owned by Bahri).
• Lower average fuel consumption cost as Bahri adopted a new policy of slow steaming.
Bahri is one of the world’s largest and diverse shipping companies, committed to driving excellence in global marine logistics. Founded in 1979 by Royal Decree as the Kingdom of Saudi Arabia’s national carrier, Bahri has grown to become a global force and leader in the international shipping industry. In 2010, BMG Financial Group recognized Bahri with the First Place Award for Transparency, making it one of the most successful, publicly listed companies. During 2012, Euromoney awarded Bahri with “Best Managed Company in the Middle East under Transportation & Shipping Sector.”
With over 1,200 dedicated employees across its global network including the four major shipping segments, Bahri provides reliable handling services for oil & gas, petrochemicals, as well as providing internationally renowned shipping services for General Cargo and Dry Bulk. Equipped with a first-class, modern and ever-expanding fleet of 55 vessels, Bahri has come to represent an international benchmark for technology, infrastructure and service quality, all grown and achieved to the highest standards of environmental, safety, and social responsibility.
Source: Bahri