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"Bahri" Nets SR 144.5 Million in Profits in 1st Quarter.

Bahri CEO, Eng. Saleh N. Al-Jasser, attributed the main reason for the decrease in the net profit in comparison to the corresponding quarter in 2012 is due to lower average time charter equivalent (TCE) rates achieved in the spot market for crude oil VLCC (Very Large Crude Carrier) transportation. "Although the net profit decreased in this quarter, the average TCE rates achieved exceeded the average prevailing rates in the spot market during this quarter. This is mainly due to the fact that most of Bahri VLCCs were employed within Aramco's crude oil VLCC transportation program as per the interim arrangement which became effective from January 1, 2013 pursuant to the terms of the Transaction Agreements.

- The increase in net profit in comparison to the previous quarter is due to higher average time charter equivalent (TCE) rates achieved in the crude oil VLCC transportation which resulted from employing most of Bahri VLCCs fleet in Aramco's crude oil VLCC transportation program.

In addition, the increase in net income of The National Chemical Carriers Ltd. Co. (NCC) (Bahri owns 80 %, SABIC owns 20%). Furthermore, other income included extraordinary item of SR 51.7 million generated from disposal of two ROROs vessels as a scrap after depleting their useful life with a net gain of SR 38 million as well as a net gain of SR 13.7 million resulting from National Chemical Carriers cancelation of its shipbuilding contract for a chemical tanker.

Riyadh, Jumada II 5, 1434, Apr 15, 2013, SPA - The National Shipping Company of Saudi Arabia "Bahri" announced here today the Interim Consolidated Financial Results for the 3-months that ended 31st March, 2013 as follows: - Net profit, for 3-months, totaled SR 144.5 million compared to SR 160.1 million for the corresponding quarter of previous year, a decrease of 9.7 % and compared to SR 73 million for the previous quarter with an increase of 98%.

- Gross profit, for 3-months, totaled SR 115.6 million compared to SR 180.4 million for the corresponding quarter of previous year, a decrease of 35.9%.

- Operating profit, for 3-months, totaled SR 86.4 million compared to SR 151.1 million for the corresponding quarter of previous year, a decrease of 42.8%.

- Earning per Share (EPS) from net profit, for 3-months, totaled SR 0.46 compared to SR 0.51 for the corresponding quarter of previous year.

The National Shipping Company of Saudi Arabia "Bahri" is today one of the biggest shipping companies in the world and occupies a pre-eminent position among its industry peers at national, regional and international levels in all sectors of its business.

Bahri's presently owns 17 VLCCs, 23 Chemical carriers and 4 RoRo ships. The fleet is expected to grow to 56 vessels by 2014.

--SPA 11:10 LOCAL TIME 08:10 GMT

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Publication:Saudi Press Agency (SPA)
Article Type:Financial report
Date:Apr 15, 2013
Words:481
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