Bahri announces consolidated financial results for 2012

Net profit totaled SR504.0m compared to a net profit of SR287.8m for the corresponding past year, an increase of 75.1 %.

Earnings per Share from net profit (EPS) amounted to SR1.60 compared to SR0.91 for the corresponding past year.

Gross profit totaled SR574.5m compared to SR339.2m for the corresponding past year, an increase of 69.4%.

Operating profit totaled SR453.8m compared to SR229.5m, an increase of 97.7%

The reasons for the increase in the net profit during 2012 compared to 2011 are:
•Improvement in Oil & Gas Sector due to the increase of average time charter equivalent rates in VLCC spot market of crude oil transportation during the first half of the year.
•The improvement in General Cargo Sector.
•Bahri Dry Bulk Company (60% owned by Bahri) started its operations this year and earned profit.
•Increase in Bahri profit for its portion from Petredec Ltd. (30.30% owned by Bahri).
•Lower average fuel consumption cost as Bahri adopted a new policy of slow steaming.