Bahri Announces Results of Ordinary General Assembly Meeting; Declares SAR 984.37mn as Dividends to Shareholders
Dubai, United Arab Emirates - 19 January 2017: Bahri, a global leader in logistics and transportation, announced the results of its Ordinary General Assembly meeting, held on Monday, January 16, 2017 at Riyadh Marriott Hotel, Makarim Convention Facility.
The assembly outlined a number of key growths during the program of the conference:
1. Election of nine members for the Board of Supervisors for the following three-year term, ranging from January 16, 2017 to January 16, 2020. The chosen members are: Mr.Mohammed Abdulaziz Al-Sarhan, Mr. Abdulrahman Mohammed Al-Mofadhi, Dr. Ghassan Abdulrahman Al-Shibl, Mr. Saleh bin Abdullah Al-Debsi, Mr. Ibrahim Qassim Al-Buainain, Mr. Ahmed Ali Al-Subaey, Dr. Abdulmalik Abdullah Al-Hogail, Mr. Khalid Mohammed Al-Araifi, and Mr. Khalifa Abdullatif Al-Mulhim.
2. Option of 'Ernst & Young' as an exterior auditor by the company's Audit Committee, to assess the economic results for the 2017 and quarterly monetary declarations, and to establish the auditor's charges.
3. Approval of project appointing and choices made by the current Board of Supervisors during the duration from January 1, 2017 till January 16, 2017.
4. Distribution of money dividends totaling up to SAR 984,375,000 to investors; this amounts to SAR 2.5 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 rewards. Day and method of earnings circulation will certainly be revealed at a later date on Tadawul.
Mr. Abdulrahman Mohammed Al-Mofadhi, Chairman of Bahri, revealed his gratitude to the participants of Board of Supervisors and the Bahri team, worrying that the company will certainly move forward with its critical plans that aim to accomplish leadership in logistics and transportation solutions around the world, as the company is dedicated to playing an essential duty in the development and advancement of the global shipping industry.
Bahri reported solid monetary outcomes for the year finishing December 31, 2016, recording a web revenue of SAR 1.76 billion. The company likewise signed up internet profits of SAR 6.78 billion, and EPS of SAR 4.48 for the year. It tape-recorded functional earnings of SAR 349.92 million for the last quarter of 2016, up 52% from the previous quarter, while internet revenue boosted by virtually 3% to SAR 327.82 million in the very same duration.
Eng. Ibrahim Al-Omar, CEO of Bahri, congratulated the new Board Members and desired them more growth and success for the years to coming. Al Omar additionally commended the initiatives and accomplishments of former participants during their tenure.
Al-Omar stated: "The development observed by Bahri in 2015 was unprecedented in the company's background, and to continue that positive growth rate in 2016 amidst numerous obstacles such as reduced area market rates and increase in funding charge is truly an accomplishment. As we prepare for new challenges and opportunities in 2017, we remain devoted to our objective of continuously improving our service offering and shareholder value."
