BAHRI reports profit surge of 49% to SR65mln in 1Q

National Shipping Company of Saudi Arabia (BAHRI) announced that its profits after zakat and tax climbed 49% to SR 65 million during the first quarter of the year 2022 compared to SR 44 million during the same period of 2021.

This came after Bahri announcement on Sunday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The operational profits of the company advanced 94% to SR 119 million in 1Q against SR 61 million in the same period of the year ago.

Moreover, Elm’s gross profit soared 85% to SR 156 million in the first quarter this year from SR 84 million, while profit per share rose to SR 0.16 from SR 0.11.

The main reason for the increase in net profit during the current quarter compared to the same quarter of last year is:

– The increase in revenues by 32.8% and this is due to the improvement in multiple sectors especially the oil sector where its revenues have increased by the amount of SR 219 million, due to the improvement in global shipping rates and the increase in shipping operations.

– The decrease in financial cost by the amount of SR 6.9 million, in addition to the decrease in general and administrative expenses by the amount of SR 2.4 million during the current quarter compared to the same quarter last year.

While the decrease in the group’s share in results of equity accounted investee by the amount of SR 37.9 million and the increase in the provision of doubtful debts by the amount of SR 17.2 million, have limited the increase in profits during the current quarter compared to the same quarter last year.

The main reason for the increase in net profit in the current quarter compared to the previous quarter is:

-The increase in operating costs by 7%, due to increase in oil prices during the current quarter compared to the previous quarter, in meantime, the revenues has increased by 2% due to the improvement in multiple sectors especially the oil sector and dry bulk sector.

The decrease in financial cost by the amount of SR 12.6 million and the increase in the group’s share in results of equity accounted investee companies by the amount of SR 12.5 million and the decrease in general and administrative expenses by the amount of SR 5.4 million, have limited the decline in net profit during the current quarter compared with the previous quarter.