Bahri Reports 2012 Annual Profits Up

Press Release
Sunday, January 20, 2013
A Bahri Chemical Tanker: Photo courtesy of Bahri

Bahri announce the Interim Consolidated Financial Results for the 12-month period ended 31st December, 2012.

The National Shipping Company of Saudi Arabia (Bahri) report that Net profit, for the 12-months totaled SAR 500.4 million compared to SAR 287.7 million for the corresponding period for the year 2011, an increase of 74 %.  However, Net profit, for the fourth quarter was down and totaled SAR 73 million compared to SAR 113.3 million for the corresponding quarter for the year 2011, a decrease of 35.6%.

The CEO of Bahri, Eng. Saleh Nasser Al-Jasser attributed the decrease in the net profit during the fourth quarter compared with the same corresponding period of the year 2011 to the decrease in Petredec Limited profit (Bahri owns 30.3% share) as well as the deceasing in net income of The National Chemical Carriers Ltd. Co. (NCC) (Bahri owns 80 % share).

He also traced the increase in the net income during the 12-months period compared with the same corresponding period of the year 2011 to the improvement in the Oil and Gas sector and General Cargo sector as well as profiting from Bahri Dry Bulk (BDB) which started its operating from this year. Also, lower fuel consumption cost due to Bahri having adopted a new policy of slow steaming of all vessels.

In related news, Bahri also announced the sale of one of its general cargo vessels, the Saudi Abha for scrap. This sale is expected to generate net profit about SAR(21) million after deducting its book value and all expenses associated with the sale, and the financial impact of this transaction will be reflected in the 1st Quarter of 2013 results.

The Company had previously announced the signing of six ship building contracts to acquire six new general cargo vessels to replace the older fleet in this sector. Three sister ships to Saudi Abha remain to be sold in sequence coinciding with the delivery of the first of these 4 new ships.

 

 

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Diana Shipping Announced $53.5m Drawdown

Diana Shipping Inc. announces signing and drawdown of a $53.5 million term loan facility with BNP Paribas; announces time charter contract for m/v Nirefs with Glencore   Diana Shipping Inc.

Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse.

Denmark Arrests Former OW Bunker Manager

Denmark has arrested a former manager of collapsed ship fuel supplier OW Bunker and intends to hand him to Italy, where he is suspected of fraud, the Danish public prosecutor said on Thursday.

Finance

Diana Shipping Announced $53.5m Drawdown

Diana Shipping Inc. announces signing and drawdown of a $53.5 million term loan facility with BNP Paribas; announces time charter contract for m/v Nirefs with Glencore   Diana Shipping Inc.

Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse.

NSRP Awards $11m for R&D Project Portfolio

The Executive Control Board of the National Shipbuilding Research Program (NSRP) has selected a new round of research and development projects for award, as part

Middle East

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Jackup Rig Delivered to Abu Dhabi’s NDC

Lamprell delivers its 11th Super 116E jackup drilling unit Lamprell has completed the construction of jackup drilling rig, the Shuwehat, and has delivered the

Captain, Officer of Containership Detained after Deadly Collision

The captain and first officer of a Kuwaiti container ship have been detained for four days after their ship collided with a fishing vessel in the Red Sea, killing 13 Egyptians,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1824 sec (5 req/sec)