Bahri Annual Report-2012

Overall the year 2012 was not the best for the maritime transport industry in general, and for the crude oil transport sector in particular, due to an increase in the tonnage capacity in the market. However, it should be noted that the financial results for the oil sector during the first half of the year were better than the second half of the year. Other sectors have shown a remarkable improvement and contributed to the Company’s financial results, for example the general cargo transport sector and Bahri Dry Bulk (which began operations this year). In addition, the increase of the Company’s share of the profits of Petredec also enhanced the Company’s financial results. The Company also introduced a policy of reducing the speed of ships and tankers, which led to lower fuel consumption and therefore a reduction in operating costs. Moreover, the introduction of four new chemical tankers to the fleet of the National Chemical Carriers had a positive impact in this regard. All these factors led to an increase in the net profit in 2012 to reach SAR 504 million compared to SAR 287.8 million in 2011, which is a 75% increase. Earnings per share for 2012 amounted to SAR 1.60 per share compared to SAR 0.91 per share in 2011. Operating revenues for 2012 reached SAR 453.8 million compared to SAR 229.5 million in 2011, which is a 97.7% increase. Financial Results and Performance of the Company and its Subsidiaries The following are the Company’s financial statements and final accounts, statements of assets and liabilities and revenues of the Company, in addition to the subsidiaries’ financial accounts summary for 2012, as well as the Company’s regular payments and profit distribution policy.


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