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Bahri Annual Report 2008

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Bahri Annual Report 2008 The National Shipping Company Annual Report 2008 1 of Saudi Arabia The National Shipping Company of Saudi Arabia Annual Report 2008 النقل البحري 2 The National Shipping Company Annual Report 2008 3 of Saudi Arabia The National Shipping Company of Saudi Arabia Annual Report 2008 4 Contents The National Shipping Company Annual Report 2008 5 of Saudi Arabia Members of the Board of Directors 8 Chairman’s Message 9 Board of Directors Report 12 Company Profile 14 Historical Background 14 Economic Highlights 15 Strategy, Future Objectives and Projects 15 Financial Statements and Results of Operations 16 Affiliates and Segments 18 Ship Management of Vessels 25 Planning and Business Development 25 Customer Services and Public Relations 25 Investment and Financing 26 Human Resources 27 Information Technology 27 Internal Audit and Control 28 Quality and Environmental Safety 28 Social Responsibility 29 Zakat & Tax 29 Dividend Distribution 30 Risk Management 30 Shareholders’ Equity 31 Disclosure & Governance 32 Board of Directors 32 Board Committees 34 Executive Management 35 Financial Report 36 Office and Branch Addresses 60 6 7 Board of Directors & Chairman’s Message 8 Board of Directors Abdullah Sulaiman Al-Rubaian Chairman Esam Hamad Al-Mubarak Mohommed Abdulaziz AlSarhan Abdulkarim Ibrahim Al-Nafie Saleh Abdullah AlDebasi Nasser Mohammad Al-Kahtani Farraj Mansour Abothenain Bander Barjas Al-Abdulkareem Sami Abdullah Al-Saeed The National Shipping Company Annual Report 2008 9 of Saudi Arabia Chairman’s Message Dear Shareholders On behalf of my colleagues members of the Board of Directors, I am delighted to submit the annual report for the fiscal year 2008, which contains the most important results, stated objectives, projects and studies which have been completed or will be completed in the near future, in addition to the financial statements for the fiscal year 2008, which presents the company’s achievement of a net profit of SAR (750) million or (77%) increase over 2007. In the course of 2008, several strategic corporate objectives were achieved. The most important of these objectives was the approval of a comprehensive strategic plan by the Board of Directors with effect from the end of the year 2008. This strategic plan, which includes a review of the company's previous strategy that had been in operation since the start of year 2006, confirms the need to continue expansion and growth in various activities of the company (transportation of crude oil, chemicals, and general cargo) on a timely manner. It also focused on development of the organizational and administrative structure of the company, taking into account the economic situation and the extent of global financial impact on the various activities of the company, with due consideration to the fact that the company is not immune to this crisis. Therefore, the Board of Directors and management of the company have been monitoring the situation and waiting for opportunities to expand its various activities at a suitable time , as well as to engage in investment activities in the field of maritime transport and services to complement and exploit the opportunities available after the preparation of the necessary studies and to ascertain the economic feasibility based on a number of factors, including a rewarding profit returns, expected growth of the activity as well as the ability of the company to strongly participate in such activities, commensurate with its competitive capabilities. According to the strategic plan regarding crude oil transportation sector, the company received two VLCCs in 2008, and will receive the remaining four carriers during the year 2009, thereby increasing company's VLCC fleet to 17 carriers with a capacity of (5.26) million tons of dead weight. In the sector of chemical products transportation, the National Chemical Carriers Limited Company “NCC” (80% ownership by NSCSA) received two new chemical carriers in 2008. Additionally, NCC has signed a contract to build 16 other carriers due to be delivered by 2012. In the general cargo sector, the company’s overall strategic plan recommended construction or purchase of a number of general cargo vessels to replace or supplement the current fleet, subject to preparation of necessary feasibility studies in accordance with approved investment criteria. With regard to organizational and administrative restructuring, the Strategic Plan recommended restructuring of certain sectors of the company, whereby the various functions of the company would become independent business units, stressing on the importance of giving due care and attention to the existing human resources and investment in the development of their capabilities through constant training and providing updated information on all developments in their respective fields of work to ensure the highest degree of operational, financial and administrative efficiency. In the field of information technology, the company has conducted a study to evaluate its technical systems and future requirements of latest information technology, and has signed contracts for the application of the Enterprise Resource Planning (ERP) system, which aims at updating and 10 Chairman’s Message developing corporate information systems to link the operations of the company internally and externally. The company has taken advanced steps to raise the level of transparency and to prepare new corporate governance rules of its own in line with generally accepted international practices, applicable regulations and guidelines duly issued by competent authorities in Saudi Arabia. The company’s outlook is manifested in its continued endeavor to become one of the leading and a recognized shipping company globally, through deliberate growth and expansion in the size of its fleet and diversification of its investments. In line with its effective role towards social responsibility, the company continues to sponsor various social events, participate in conferences for local and global awareness enhancement, sponsoring and participating in several awareness conferences to protect the marine environment. In conclusion, I would like to extend my heartfelt thanks to the Government of the Custodian of the Two Holy Mosques, owners and customers of the company for their support. I also thank members of the board, executive committees, executive management and employees of the company for their laudable efforts to further improve and develop the company, God willing. Wishing you all the best of success and guidance in your future endeavors. Eng. Abdullah Sulaiman Al Rubaian Chairman of the Board The National Shipping Company Annual Report 2008 11 of Saudi Arabia 12 13 Board of Directors Report 14 Board of Directors Report Company Profile Three decades have passed since the management services. inception of the National Shipping The company made significant Company of Saudi Arabia (NSCSA). progress over the past years, at the The course of this procession was levels of expansion in services and full of great success which reflected the size of its fleet, and generated the company’s identity and national successive remarkable profits, affiliation with global features. The culminating in the record of profits most striking features of this success generated in 2008. are manifested in the strategic outlook Given the significant role of the towards this promising industry by transport sector in accelerating the penetrating various fields of shipping wheel of development in the Kingdom, business. NSCSA was a forerunner and being one of the basic focal in providing excellent services, which points in this field, NSCSA, through constituted a qualitative change in its distinctive activity, constitutes the shipping industry throughout one of the pillars of the Saudi its course of transition from phases national economy and contributes of foundation and formation to full- to the support and development of fledged growth which eventually led to national development programs and its current phase of expansion. NSCSA preservation of the environment in continues to mobilize its resources line with national and Islamic values. to further support the acceleration The company is making every possible of the wheel of development of the effort to achieve meaningful returns national economy, rendering the to shareholders by practicing best company to be a leading company in investment methods to avoid risks this industry at the regional level and without adversely impacting its assuming a forefront position among stated mission, goals and objectives. the leading shipping companies in the The company endeavors to foster international level. confidence through establishing long- The company and its affiliates currently term relationships with its customers own a large fleet of giant crude oil and partners. Additionally, affiliation tankers, liquefied petroleum gas and to a large number of organizations and chemical tankers, general cargo and conglomerates has given the company multi-purpose (RORO) vessels. The worldwide distinctive presence, company also deals in the field of prominent status and prestige in the shipping brokerage and has a wholly- international arena. owned affiliate responsible for ship Historical Background 1986 1997 Engaged in the primary Founded the Mideast phase of chemical Ship Management Ltd. Transportation 1993 2008 Founded the National Realized historical Shipping Company of financial results Saudi Arabia (USA) 1970 1980 1990 2000 2010 1979 1990 2005 Company’s incorporation Founded the National
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