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 October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Odfjell Finalizes LPG/Ethylene Joint Venture Deal

Following Odfjell SE’s May 16, 2014 announcement declaring the signing of a definitive agreement to form a LPG/E shipping joint venture, Odfjell today announced

Marorka Opens Offices in Copenhagen

Marorka announced it is currently expanding following a substantial injection of funds. The expansion plan was approved and Marorka will extend its worldwide network in 2014.

DP World Mulls Senegal Free Zone

DP World  is looking to develop a free zone in Senegal, Chairman Sultan Ahmed bin Sulayem said on Wednesday. Sulayem was speaking at an African investment event in Dubai.

Finance

Odfjell Finalizes LPG/Ethylene Joint Venture Deal

Following Odfjell SE’s May 16, 2014 announcement declaring the signing of a definitive agreement to form a LPG/E shipping joint venture, Odfjell today announced

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Middle East

DP World Mulls Senegal Free Zone

DP World  is looking to develop a free zone in Senegal, Chairman Sultan Ahmed bin Sulayem said on Wednesday. Sulayem was speaking at an African investment event in Dubai.

Hiab's Distribution Partnership in the Middle East

Hiab, part of Cargotec, and Gavelås Förvaltning AB have signed an agreement regarding a long-term distribution partnership in the Middle East region. As a part

Dubai Group Interested in Albania Deepwater Port Project

Dubai companies have expressed their investment interest in the development of Albania's Durres Port and Shengjin Port, according to Xinhua News Agency. Albanian

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Ship Repair Sonar
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: 0.2168 sec (5 req/sec)