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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DP World to Manage Somaliland Port for 30 Years

DP World has reached an agreement to manage the Berbera port in Somaliland, which would allow it to become a major hub for goods to transit to and from the Horn of Africa,

Abu Dhabi Ports Try to Lure Chinese Businessmen

Abu Dhabi Ports - the master developer, operator and manager of ports and Khalifa Industrial Zone in the Emirate - presented the integrated offerings of Khalifa

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

Finance

CMA CGM Intends Offer to Acquire NOL

Following the satisfaction and waiver (as the case may be) of the conditions set forth in the pre-conditional offer announcement dated 7 December 2015, CMA CGM S.

Oman Shipping Makes Profit

Oman Shipping Company (OSC) reported a $180 million profit in 2015. Tariq bin Mohammed Al Junaidi, chief executive officer of OSC has been quoted by  Oman News

Korean Shipbuilder Could Be Liquidated

South Korea's STX Offshore & Shipbuilding Co. has filed for receivership, following massive losses that have mounted up over the past two years, says a report in the WSJ.

Middle East

EGAS: Egypt to tender for 10 LNG Cargoes

Egypt will tender next week to import 10 cargoes of liquefied natural gas (LNG) for delivery in July and August, an official from the state gas company, EGAS, said on Thursday.

Danelec Bags Multiple VDR Orders in Middle East

Danelec Marine, along with distribution partner Elcome International, is to supply Danelec DM100 Voyage Data Recorders (VDRs) for 14 ships in the Middle East.   The

Maritime Turkey Set for a Tailwind

Turkey is strategically located, straddling both Europe and Asia with substantial number of Black Sea and Mediterranean Sea ports, thus making maritime trade and

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | 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: 0.1313 sec (8 req/sec)