The National Shipping Company of Saudi Arabia (BAHRI) announced the Annual Consolidated Financial Results for the year ended 31st December 2012 as follows:

- Net profit totaled SAR 504.0 million compared to a net profit of SAR 287.8 million for the corresponding past year, an increase of 75.1 %.

- Earnings per Share from net profit (EPS) amounted to SAR 1.60 compared to SAR 0.91 for the corresponding past year.

- Gross profit totaled SAR 574.5 million compared to SAR 339.2 million for the corresponding past year, an increase of 69.4%.

- Operating profit totaled SAR 453.8 million compared to SAR 229.5 million, an increase of 97.7%

- The reasons of the increase the net profit during 2012 compared to 2011 are:

Improvement in Oil & Gas Sector due to the increase of average time charter equivalent rates in VLCC spot market of crude oil transportation during the first half of the year. Also, the improvement in General Cargo Sector.

Bahri Dry Bulk Company (60% owned by Bahri) started its operations this year and earned profit.

Increase in Bahris profit for its portion from Petredec Ltd (30.30% owned by Bahri).

Lower average fuel consumption cost as Bahri adopted a new policy of slow steaming.

- Some items have been reclassified for comparison purposes