The first quarter 2014 profit of the National Shipping Company of Saudi Arabia (Bahri) reached more than 195 million Saudi Riyals, compared to approximately 138 million Saudi Riyals in the same period last year, an increase of 41.27%, and the operating profits for the first quarter of 2014 amounted to SAR 166.7 million, compared to 78.2 million riyals in the same period last year, an increase of 113.17%, and earnings per share for the three months period ended 03/31/2014 amounted to 0.62 riyals per share, compared to 0.44 riyals for the same period last year.
Engineer Saleh Al-Jasser, CEO of Bahri, stated that the main reason for the increase in the net profit during the current quarter compared to the same quarter of the previous year was the improvement in Oil transportation sector, the higher profits achieved from the company stake in the Petredec Ltd. (owned 30.3%) as well as the freight improvement in the bulk transportation sector, has resulted in the rise despite contained the results of the same quarter of last year, non-recurring profit of $ 51.7 million.
It should be noted that recently approval is issued by the Supreme Council for Petroleum and Minerals to complete the largest merger in the history of the Saudi shipping industry for fleet and operations of Vela Marine Ltd., a wholly owned subsidiary of Saudi Aramco, with Bahri. This is the most important regulatory approval to merge the fleet and operations of Vela within the Bahri against a total consideration of equivalent to SAR 4,875,000,000 paid by Bahri which includes a payment of SAR 3,122,812,500 in cash and issuing 78,750,000 new Bahri shares to be issued to Vela at an agreed price of 22.25 per share, representing 20% stake in Bahri at the completion of the deal.
For more information contact:
Mir Faiz Ali
International Coordinator, Communication Department
T +966 11 478 5454 / Ext. 403
F +966 11 477 8036