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Officials at the meeting

Bahri reports $469m net profit

RIYADH, January 19, 2017

National Shipping Company of Saudi Arabia (Bahri), a leader in logistics and transportation, has reported a net profit of SR1.76 billion ($469.3 million) for the year ending December 31, 2016.

The company announced the results following its ordinary general assembly meeting, which was held recently at the Riyadh Marriott Hotel, Makarim Convention Center, Saudi Arabia.

The company registered net revenue of SR6.78 billion ($1.8 billion), and earnings per share (EPS) of SR4.48 for the year, it said in a statement.

It recorded operational profit of SR349.92 million ($93.3 million) for the last quarter of 2016, up 52 per cent from the previous quarter, while net profit increased by nearly 3 per cent to SR327.82 million ($87.4 million) in the same period.

The assembly outlined a number of key developments during the course of the meeting:

1. Election of nine members for the Board of Directors for the next three-year term, running from January 16, 2017 to January 16, 2020.

The elected members are: Mohammed Abdulaziz Al Sarhan, Abdulrahman Mohammed Al Mofadhi, Dr Ghassan Abdulrahman Al Shibl, Saleh bin Abdullah Al Debsi, Ibrahim Qassim Al Buainain, Ahmed Ali Al-Subaey, Dr Abdulmalik Abdullah Al-Hogail, Khalid Mohammed Al Araifi, and Khalifa Abdullatif Al-Mulhim.

2. Selection of ‘Ernst & Young’ as an external auditor by the company’s Audit Committee, to review the financial results for the fiscal year 2017 and quarterly financial statements, and to determine the auditor’s fees.

3. Approval of project commissioning and decisions made by the current Board of Directors during the period from January 1, 2017 till January 16, 2017.

4. Distribution of cash dividends amounting to SR984.3 million ($262.4 million) to shareholders; this amounts to SR2.5 per share and represents 25 per cent of the capital. Shareholders registered in Tadawul at the close of the trading on the General Assembly day will be eligible for the dividends. Date and method of profit distribution will be announced at a later date on Tadawul.

Abdulrahman Mohammed Al Mofadhi, chairman of Bahri, expressed his gratitude to the members of board of directors and the Bahri team, stressing that the company will go forward with its strategic plans that aim to achieve leadership in logistics and transportation services globally, as the company is committed to playing an important role in the growth and development of the global shipping industry.

Eng Ibrahim Al Omar, CEO of Bahri, congratulated the new board members and wished them more growth and success for the coming years. He also praised the efforts and achievements of former members during their tenure.

Al Omar stated: “The growth witnessed by our company in 2015 was unprecedented in the company’s history, and to continue that positive growth rate in 2016 amidst several challenges such as low spot market rates and increase in financing charge is truly an achievement.”

“As we gear up for new challenges and opportunities in 2017, we remain committed to our goal of continuously enhancing our service offering and shareholder value,” he concluded. – TradeArabia News Service




Tags: Saudi Arabia | | profit | Net | bahri |

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