Bahri provides reliable handling services for oil & gas, petrochemicals, as well as providing internationally renowned shipping services for general cargo and dry bulk. The National Shipping Company of Saudi Arabia (Bahri) posted net profit totaling SR504.0 million in 2012 ended Dec. 31, an increase of 75.1 percent from SR287.8 million in 2011. Earnings per share from net profit (EPS) amounted to SR1.60 compared to SR0.91 for the corresponding past year. Gross profit totaled SR574.5 million compared to SR339.2 million for the corresponding past year, an increase of 69.4 percent. Operating profit totaled SR453.8 million compared to SR229.5 million, an increase of 97.7 percent. The increase in the net profit during 2012 compared to 2011 was due to improvement in oil & gas sector as a result of 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 percent owned by Bahri) started its operations this year and earned profit. Increase in Bahri profit for its portion from Petredec Ltd. (30.30 percent owned by Bahri). — SG
