20-01-2017

Saudi Arabia’s national shipping company records full-year net profit of SAR 1.76 billion for 2016

Bahri

Bahri, a global leader in logistics and transportation, announced the results of its Ordinary General Assembly meeting, held on Monday, January 16, 2017 at Riyadh Marriott Hotel, Makarim Convention Center.

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: Mr. Mohammed Abdulaziz Al-Sarhan, Mr. Abdulrahman Mohammed Al-Mofadhi, Dr. Ghassan Abdulrahman Al-Shibl, Mr. Saleh bin Abdullah Al-Debsi, Mr. Ibrahim Qassim Al-Buainain, Mr. Ahmed Ali Al-Subaey, Dr. Abdulmalik Abdullah Al-Hogail, Mr. Khalid Mohammed Al-Araifi, and Mr. 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 SAR 984,375,000 to shareholders; this amounts to SAR 2.5 per share and represents 25% 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.

Mr. 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.

Bahri reported strong financial results for the year ending December 31, 2016, recording a net profit of SAR 1.76 billion. The company also registered net revenue of SAR 6.78 billion, and EPS of SAR 4.48 for the year. It recorded operational profit of SAR 349.92 million for the last quarter of 2016, up 52% from the previous quarter, while net profit increased by nearly 3% to SAR 327.82 million in the same period.

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

Al-Omar stated: “The growth witnessed by Bahri 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.”

Source: Bahri

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