Bahri’s Net Profit Up 75.1% In 2012
News: The National Shipping Company of Saudi Arabia (Bahri) registered a 75.1% year-on-year (y-o-y) increase in net profit to SAR504mn (US$134.37mn) in 2012, compared with SAR287.8mn (US$76.73mn) in 2011. The rise in net profit was attributed to an improvement in the oil and gas sector and the general cargo sector. The start of operations by Bahri's Bahri Dry Bulk Company along with an increase in profit from Bahri's portion from Petredec also contributed to the rise in net profit. Meanwhile, the company's gross profit jumped by 69.4% y-o-y to SAR574.5mn (US$153.17mn) in the reported period, compared with SAR339.2mn (US$90.44mn) in 2011. Bahri posted a 97.7% y-o-y rise in operating profit to SAR453.8mn (US$120.99mn) in 2012, compared with SAR229.5mn (US$61.19mn) in the year-ago period.