Business & Money | Saturday 21 January, 2017 1:59 am |

BAHRI, a global leader in logistics and transportation, announced the results of its Ordinary General Assembly meeting, held at Riyadh Marriott Hotel, while also electing a new board of directors for the next three years.

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 Dec. 31, 2016, recording a net profit of SR1.76 billion. The company also registered net revenue of SR6.78 billion, and EPS of SR4.48 for the year. It recorded operational profit of SR349.92 million for the last quarter of 2016, up 52% from the previous quarter, while net profit increased by nearly 3% to SR327.82 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.”

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

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

• 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.

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

• Distribution of cash dividends amounting to SR 984,375,000 to shareholders; this amounts to SR2.5 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.

Established in 1978, Bahri is one of the world’s foremost logistics and transportation companies playing a leading role in the transformation and growth of the global shipping industry through innovation and delivering value-added onshore and offshore services.

As a global leader in the logistics and transportation industry, Bahri has five business units that provide diverse services including transportation of crude oil, oil products, chemical, bulk and general cargo as well as ship management.

Bahri is the second largest owner of Very Large Crude Carriers (VLCCs) in the world and the largest owner of chemical tankers in the Middle East. Presently, the company owns 83 vessels, including 36 VLCCs, 36 chemical/product tankers, 6 multipurpose vessels and 5 dry-bulk carriers, with additional 10 VLCCs on order.

Bahri is committed to playing an integral and leading role in realizing the Kingdom’s Vision 2030 by continuously enhancing and expanding its services and presence across the world, enabling the opening of new trade routes, and positioning Saudi Arabia as a unique regional logistics gateway to three continents.

Bahri has around 2,400 (including sea staff) dedicated employees across its global network of offices in Saudi Arabia, UAE, USA and India.