Bahri profits jump to SR270 mln during Q3, by 1400%‎

National Shipping Company of Saudi Arabia (Bahri) revealed ‎that the net profit after zakat and tax in the third quarter ‎increased to SR270 million, compared to SR18 million in the ‎same quarter of last year, at a rate of 1400%.‎

This came after the announcement on Sunday of the ‎preliminary consolidated financial results for the period ending ‎on September 30, 2022 (nine months).‎

The operational profit amounted to SR412 million in the third ‎quarter, compared to SR91 million in the same quarter of the ‎previous year, an increase of 355%.‎

The gross profits of Bahri jumped 188% to SR 383 million in the ‎third quarter compared to SR133 million in the same period a ‎year ago. ‎

The net profit after zakat and tax in the 9-month period ‎amounted to SR463 million, compared to SR101 million in the ‎same period last year, a growth of 361%.‎

Profits per share in the current period reached SR0.94, ‎compared to SR0.2 in 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 74% and this is due to the ‎improvement in all sectors especially in the oil transportation ‎sector where its revenues have increased by the amount of SR ‎‎646 million as well as the increase in the chemicals ‎transportation sector revenue by the amount of SR 279 million, ‎due to the improvement in global shipping rates and the ‎increase in shipping operations as well as the additions of new ‎vessels in Bahri fleet.‎

‎- The decrease in the provision of doubtful debts by the ‎amount of SR 50 million and this is mainly due to the ‎improvement of collection process for prior years debts, in ‎addition to the increase in other income by the amount of SR ‎‎30 million during the current quarter compared with same ‎quarter last year.‎

‎- While the increase in finance cost by the amount of SR 44 ‎million has limited the increase in net profits during the current ‎quarter compared with 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 revenues by 15% and this is due to the ‎improvement in multiple sectors especially in the oil ‎transportation sector where its revenues have increased by the ‎amount of SR 265 million as well as the increase in the ‎chemicals transportation sector revenues by the amount of SR ‎‎128 million, due to the improvement in global shipping rates ‎and the increase in shipping operations as well as the additions ‎of new vessels in Bahri fleet.‎

‎- The decrease in the provision of doubtful debts by the ‎amount of SR 51 million and this is mainly due to improvement ‎of collection process for prior years debts, in addition to the ‎increase in other income by the amount of SR 26 million during ‎the current quarter compared with previous quarter.‎

‎- While the increase in finance cost by the amount of SR 36 ‎million and the decrease in the group’s share in results of ‎equity accounted investee by the amount of SR 27 million has ‎limited the increase in net profits during the current quarter ‎compared with previous quarter.‎

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

‎- The increase in revenues by 54% and this is due to the ‎improvement in all sectors especially in the oil transportation ‎sector where its revenues have increased by the amount of SR ‎‎1,253 million as well as the increase in the chemicals ‎transportation sector revenues by the amount of SR 540 ‎million, due to the improvement in global shipping rates and ‎the increase in shipping operations as well as the additions of ‎new vessels in Bahri fleet.‎

‎-The decrease in the provision of doubtful debts by the amount ‎of SR 34 million and this is mainly due to improvement of ‎collection process for prior years debts, in addition to the ‎increase in other income by the amount of SR 14 million during ‎the current period compared to the same period of last year.‎

‎- While the increase in the finance cost by amount of SR 49 ‎million has limited the increase in net profits during the current ‎period compared with same period of last year.‎