Bahri Profits Increased to SR92 Million During the 4Q, up 19%

The National Shipping Company of Saudi Arabia (Bahri) net profit after zakat and tax increased to SR92 million during the fourth quarter, compared to SR78 million during the same quarter of the year 2020, at a rate of 19%.

The total profit amounted to SR212 million during the fourth quarter, compared to S218 million during the same quarter of the previous year, a decrease of 3%.

The total sales amounted to SR1.54 billion during the fourth quarter, compared to SR1.26 billion during the same quarter of the previous year, an increase of 22%.

The net profit after zakat and tax during the current period amounted to SR192 million, compared to SR1.57 billion during the same period last year, a decrease of 88%.

Earnings per share during the current period amounted to 0.49 riyals, compared to 3.99 riyals during the same period last year.

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 22% and the improvement in multiple sectors especially the oil sector where the revenues has increased by the amount of SR 149 million due to the improvement in global shipping rates and the increase in shipping operations.

– The increase in Other income by the amount of SR 27.8 million, in addition to the decrease in General and administrative expenses by the amount of SR 19 compared to the same quarter of last year.

The increase in operating costs mainly due to the increase in bunker prices which limited the increase in profits during the current quarter.

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

– The increase in revenues in multiple sectors especially the oil sector where the revenues have increased by 21% amounting to SR 159 million during the current quarter compared to the previous quarter due to the increase in global shipping rates and the increase in shipping operations.

The main reason for the decrease in net profit in the current period compared to the same period of last year due to:

– The decrease in revenues from multiple sectors especially the oil sector by 49% amounting to SR 2,988 million compared to the same period of last year, due to the significant decline in global shipping rates in addition to the decline in shipping operations during the current year.

-The decrease in financial charges by the amount of SR 74 million and the decrease in provision of doubtful debts by 97% amounting to SR 61 million, in addition to the increase in other income by the amount of SR 57 million, have contributed to reduce the impact of the decrease in net profit during the current period compared to the same period of last year.