Bahri Annual Report-2016



Bahri Annual Report

Bahri Support Services

Bahri Annual Report

Bahri Support Services

Bahri Finance, plays a significant role in overseeing the company’s overall financial, investment operations, planning, analysis, oversight and transactional tasks. Among its key transactional tasks is its preparation of Bahri’s annual budget, achieving the targets set for all business units and departments and updating such targets regularly. Moreover, it also develops various types of financial

reports and analysis, which help the executive management to take the appropriate decisions in a timely manner. In addition to disclosing the company’s operations through regular annual and quarterly financial reports developed in accordance with the accepted accounting standards in Saudi Arabia issued by the Saudi Organization for Certified Public Accountants (SOCPA).

Despite the shipping industry’s response to change, which ranges from sluggish to inertia, a fundamental shift is taking place in the form of ‘Big Data’, which is transforming the sector. Big Data is capable of making fundamental changes to the shipping industry. Through the analysis, effective utilization and eventual deployment of Big Data Models, shipping companies will be able to gain a decisive comparative advantage. Thus, Big Data applications will serve as the differentiators, aiding shipping companies to optimize their fleet’s operations. Bahri Data, whose main priority is to turn on Bahri’s performance DNA, is also positioning itself as a market differentiator that will deploy innovative solutions and applications by collaborating with ecosystem partners. Bahri Data is making pioneering changes to the maritime industry that is based on value creation, and intellectual property generation that will spur innovation. As the Bahri jewel, Bahri Data is in a unique position, given that there are a few maritime companies who have established a dedicated data unit that is attempting to deploy Big Data and advanced analytics in support of a maritime positioning strategy which gives it the opportunity to lead the industry. Bahri Data has been at the forefront of transformation focusing its energies towards its mission; to discover science-driven insights

and unearth knowledge hidden in massive data sets to support smarter decision-making. A culmination of that effort is Bahri achieving operational efficiencies, deepening its customer engagement, ensuring a sustainable shareholder value and creating a transformative impact on the maritime industry. Bahri Data has a combined 350 years of deep domain knowledge and data science expertise, through its establishment of a collaborative engagement of a teamof commercial, technical ship management and data scientist to implement Bahri’s transformation. This effort, resulted in the strengthening of Bahri’s current commercial contracts and enhanced its scale. Moreover, it also resulted in increased value creation, through optimized chartering and voyage management, customer service and operational efficiency. These efficiencies added a cushion in the market downturn in 2016. Moreover, Bahri Data’s prowess was recognized through its awarding of two prestigious accolades from Lloyds, in The Big Data Intelligence and The Innovation Award. As a result, and in less than 2 years, Bahri Data executives became leading and sought after industry experts; commenting on the expected fundamental changes that will take place in the maritime sector, through the deployment, application and utilization of ‘Big Data’. This translated into Bahri’s media share of voice surpassing its competitors.

Bahri Data

Bahri Finance

1. Develop reports and publish regular financial statements 2. Prepare annual estimated budgets 3. Monitoring business units performance and maintaining fiscal discipline 4. Analyzing the company’s financial performance 5. Internal control and audit oversight 6. Financial planning & enhancing performance

Key Functions

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