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Bahri Annual Report
Bahri Finance Division
Bahri Annual Report
Bahri Finance Division
The Board of Directors decided in its meeting held on December 15, 2016 to recommend to the General Assembly of the Company the distribution of cash dividends of SR 984.38 million to the shareholders for the financial year ended December 31, 2016, which amounts to SR 2.5 per share, and represents 25% of the share par value. The dividends was distributed on January 31, 2017 after the General Assembly approval on January 16, 2017. The General Assembly has approved in its meeting held on April 6, 2016 the distribution of cash dividends of SR 984.38 to the shareholders, amounting to SR 2.5 per share for the year ended December 31, 2015. The dividends was distributed on April 21, 2016.
Earnings per share from operating income and net profit for the period is calculated based on the weighted average number of shares outstanding during the period. Proposed dividends after the period end are treated as part of retained earnings and not as liabilities unless the General Assembly approves it before the period end. Once approved by the General Assembly, the amount is recognized as a liability in the same period until paid. Earnings per share is calculated based on the number of shares outstanding during the year ended December 31, 2016 and December 31, 2015 amounting to 393.75 million share.
subsidiaries, which it does not own 100%, filed their zakat returns separately for all years until 2015. The company and its subsidiary believes that adequate provisions have beenmade against any potential zakat and withholding tax liability as of December 31, 2016.
In the Kingdomof Saudi Arabia, Zakat is provisioned in accordance with the regulations of the General Authority of Zakat and Tax (GAZT) and it is charged to the consolidated income statement. In addition, a provision is made for the withholding tax on payments to non-resident entities and is charged to the consolidated income statement. Bahri and its
Dividend Distribution Policy
Regulatory Payments
Statement of regulatory payments as of December 31, 2016 – (SAR “000”)
National Chemical Carriers Ltd. Co. (Bahri Chemicals)
Item
Bahri
Bahri Dry Bulk (BDB)
Zakat
(36,682)
(11,056)
(1,577)
Withholding tax
92,226
(527)
(272)
GOSI
(3,941)
(486)
(77)
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