107
106
Bahri Annual Report
Bahri Annual Report
Consolidated Financial Statement
Consolidated Financial Statement
Consolidated Statements of Change in Shareholders’ Equity For the Year Ended 31 December 2016 (In Thousands Saudi Riyals)
Notes To The Consolidated Financial Statements – Continued December 31, 2016 (In Thousands Saudi Riyals)
Statutory reserve
Retained earnings
1.
Organization and Operations
Share capital
Total
all of the marine transport activities. The Group performs its operations through four distinct segments which are crude oil transportation, chemicals transportation, general cargo transportation, and dry bulk transportation. The Group is also engaged in the ownership of lands, properties inside or outside the kingdom, ownership of shares in other existing companies or merges with them and participates with others in establishing companies with similar activities or complementary activities. The Company’s capital consists of 393,750,000 shares as of December 31, 2016 and December 31, 2015. The par value per share is SR 10.
The National Shipping Company of Saudi Arabia, a Saudi Joint Stock Company (“the Company” or “Bahri”), was established under the Royal Decree No, M/5 dated Safar 12, 1398H (corresponding to January 21, 1978), and registered under Commercial Registration No, 1010026026 dated Dhul Hijjah 1, 1399H, (corresponding to October 22, 1979) issued in Riyadh. The Company and its subsidiaries listed below (the “Group”) are primarily engaged in purchasing, sale and operating of vessels for the transportation of cargo and passengers, agencies for maritime shipping companies, cargo clearance and coordination for on vessels’ board transport and storage, and
Balance as at December 31, 2014
3,937,500
2,016,132
1,861,440
7,815,072
Net income for the year
-
-
1,817,583
1,817,583
Transfer to statutory reserve
-
181,758
)181,758(
-
Dividends (note 17)
-
-
)345,997(
)345,997(
Boards’ Members Compensation
-
-
)2,000(
)2,000(
Balance as at December 31, 2015
3,937,500
2,197,890
3,149,268
9,284,658
Net income for the year
-
-
1,759,140
1,759,140
Transfer to statutory reserve
-
175,914
)175,914(
-
Dividends (note 17)
-
-
)984,375(
)984,375(
Boards’ Members Compensation
-
-
)1,800(
)1,800(
Balance as at December 31, 2016
3,937,500
2,373,804
3,746,319
10,057,623
The accompanying notes from (1) to (28) from an integral part of these consolidated financial statement
The subsidiary companies incorporated into these consolidated financial statements are as follows:
Date of incorporation
Effective Ownership 2016
Effective Ownership 2015
Name
Activity
Location
NSCSA (America) Inc.
Company’s ships agent
100%
100%
1991
USA
Mideast Ship Management Ltd. (JLT)
100%
100%
2010
UAE
Ship management
National Chemical Carriers Ltd. Co. (NCC)
Petrochemicals transportation
80%
80%
1990
KSA
Bahri Dry Bulk LLC
Dry Bulk transportation
60%
60%
2010
KSA
The associated company that is not consolidated within these consolidated financial statements is as follows (note 4):
Date of incorporation
Effective Ownership 2016
Effective Ownership 2015
Accounting method
Name
Activity
Location
Liquefied petroleum gas transportation
Petredec Ltd,* Equity method
30.30%
30.30%
1980
Bermuda
* The share of the Company in Petredec’s Limited Company results is recorded based on the latest financial statements prepared by Petredec’s Limited Company. The difference between the latest financial statement prepared by Petredec and the Company’s consolidated financial statements is two months. The fiscal year for Petredec starts on September 1 and ends on August 31 of each Gregorian year.
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