Bahri Announces Positive Financial Results for 2012
February 25, 2013 – The National Shipping Company of Saudi Arabia (Bahri) announced positive returns in its annual consolidated financial results for the end of 2012. Bahri registered a 75.1 percent increase in net profit, from $76.53 million (SR287.8 million) in 2011 to $134.4 million (SR504 million) in 2012. The company also saw an increase in its earnings per share, gross profit, and operating profit in 2012, with a $0.43 (SR1.6) earnings per share, $153.19 million (SR574.5 million) gross profit, and $121 million (SR453.8 million) operating profit. Bahri managed to increase gross profits and operating profits by 69.4 percent and 97.7 percent, respectively. Key factors attributing to the strong net profit in 2012 include, improvement of the oil and gas sector, improvement in the general cargo sector, beginning operations of Bahri Dry Bulk Company, a 60 percent subsidiary of Bahri, and lower average fuel consumption costs due to Bahri’s new policies.