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

People & Company News

US Coast Guard Travelling Inspectors' Centenary

July 2014 marked the 100th anniversary of the traveling inspection staff, originally created under the Steamboat Inspection Service. These travelers are highly

Pumps Reach Sinking Shrimper Just in Time

A commercial fishing vessel from Brownsville is slowly making its way back to port, thanks to some quick actions by its crew and Coast Guard units, informs the US Coastguard,

Orica Fined Heavily for Australian Pollution Incidents

Orica Australia Pty Ltd has been convicted and penalised $768,250 in relation to charges brought by the NSW Environment Protection Authority (EPA) for pollution

Finance

Orica Fined Heavily for Australian Pollution Incidents

Orica Australia Pty Ltd has been convicted and penalised $768,250 in relation to charges brought by the NSW Environment Protection Authority (EPA) for pollution

DMR Publish Latest Container Census Report

Drewry Maritime Research (DMR) says it has just published it's latest Container Census report, providing a wealth of information on the container equipment market.

Höegh LNG Partners Launch IPO

Höegh LNG Partners LP ("Partnership"), a Marshall Islands limited partnership formed by Höegh LNG Holdings Ltd. ("Company"), announced today that it has commenced an initial public offering of 9,

Middle East

USNS Ship Rescues Nine in Gulf of Oman

'USNS Richard E. Byrd' (T-AKE 4), a Lewis and Clark-class dry cargo ship, rescued 9 crew members from a Yemeni-flagged cargo vessel 'Asaed' that had lost power,

Iraqi Kurdish Oil Nears US Port Despite Concern in Washington

A tanker carrying crude oil from Iraqi Kurdistan is just one day away from arriving at a U.S. port, according to ship tracking satellites, despite Washington's

Abu Dhabi Ports Shift Far More Breakbulk Cargo

Abu Dhabi Ports Company (ABPC) says that general cargo moving through Abu Dhabi’s commercial Ports has increased by 37% this year. ADPC’s commercial ports (Musaffah,

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.1420 sec (7 req/sec)