Company’s services, such profits are remarkable.
2014 was marked with many achievements, including:
Merger of Vela’s fleet and operations with Bahri completed. The process started in 2012 and involved 20 tankers. In August 2014, Bahri evaluated the tankers through international ship mediators, and the evaluation showed an increase in the tankers’ value as compared with the evaluation carried out in 2012. Increasing of The Company’s share capital from SAR 3,150,000,000 to SAR 3,937,500,000 by issuing 78,750,000 ordinary shares with a face price of. SAR 10 per share. The shares resulting from the capital increase will be evaluated that is, SAR 22,25, per share as agreed with the Saudi Arabian Oil Company (Saudi Aramco), i.e. an addition of SAR 12.25 to the face value. Accordingly, the total value of the new shares will be SAR 1,752,187,500 and will be owned by Saudi Aramco Development Co., which is totally owned by Saudi Aramco. In September 2014, a Royal Decree was issued to renew the contract with the Ministry of Defense for additional (5) years ending in 2019, with a total amount of SAR 383 million. According to this contract, Bahri will remain the official shipping agency for the different divisions of the armed forces of the Ministry, providing all logistic services related to maritime, air, and land cargo throughout the contract term. In March 2014, the last dry bulk vessel, contracted in 2012, was received by Bahri Dry Bulk (a subsidiary company owned by 60% by Bahri). The company started its operations in 2010 by leasing five (5) dry bulk vessels to the Arabian Agricultural Services Company (ARASCO). Currently, Bahri Dry Bulk operates its own five (5) dry bulk vessels.
The Company appointed external consultants to prepare a comprehensive strategic plan for next five years (2015-2019). Such plans will define the strategic objectives of the different business units.
Finally, I would like to extend my deep appreciation and gratitude to the Saudi government, the Custodian of the Two Holy Mosques, the Crown Prince, and Second Deputy. I would also like to thank members of the Board of Directors for their contin- ued efforts to help the Company meet its planned objectives. Similarly, I would like to thank the Company’s owners, clients, as well as staff for their dedication to meet the inspirations and expectations of the shareholders and clients.
Wishing you all success and May Allah guide you.
Chairman Abdul Rahman Mohammed Al Mofadhi
9
The National Shipping Company of Saudi Arabia ( )
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