Bahri Annual Report-2011

Board of Directors Report 2011

Introduction

profits on an annual basis, to contribute to the development of the country’s economy and maximize the returns for its shareholders. Bahri also provides high quality services to satisfy its customer needs, in addition to creating job opportunities for Saudi graduates who are eligible to participate in building the national economy. Currently, Bahri operates extensively around the world to link the economies and participate in the global growth. Bahri has committed itself to maintain transparency in all its dealings and the disclosure of the financial results. Bahri adopts safety standards in its operations to preserve the environment and committed to its social responsibilities. In 2010, Bahri was awarded first place for transparency by BMG, which is an award for the best corporate disclosure. Through implementing the successive strategic plans, Bahri continues to grow and focus on the mission and stated objectives by utilizing its resources in order to achieve the best returns for the shareholders.

The National Shipping Company of Saudi Arabia (Bahri) was established in the year 1979 as a Saudi Joint Stock Company by a Royal Decree No. M/5 dated 12/02/1398H, corresponding to 22/01/1979, to be the national carrier and a prominent company among the leading shipping companies of the world. The Public Investment Fund owns 28.2% of Bahri’s share capital. Bahri commenced its business operations in the General Cargo segment. In 1985, it entered into the transportation of petrochemical products and expanded in the mid-1990s into the segment of transporting crude oil. In 2005, Bahri entered into the liquefied petroleum gas (LPG) segment by buying a stake in Petredec Ltd., a company specialized in the trade and transport of liquefied petroleum gas (LPG). In 2010, Bahri announced its entry in the Dry Bulk segment. All these activities come in line with Bahri’s strategy to diversify its sources of income. Bahri embodies the national maritime transport industry and links the Kingdom’s trade to the rest of the world. Bahri services cover various global markets through its branches, subsidiaries and a network of agents. Bahri has investments in its operations to realize

Vision

Connecting Economies, Sharing Prosperity and Driving Excellence in Global Logistics Services.

Mission

practices to run a world-class fleet, whilst building mutually beneficial relationships with all stakeholders.

By consistently focusing on our Values and responsible business fundamentals, we shall be a leading service provider applying best

Values

Driven, Relentless, Transparent, Considered.

www.bahri.sa

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