Bahri’s profits jump 528.5% in Q4, to SR578 mln

The Saudi National Shipping Company (Bahri) revealed an increase in net profit after zakat and tax during the fourth quarter to 578 million riyals, compared to 91.9 million riyals in the same quarter of last year, at a rate of 528.5%. This came after today’s announcement of the preliminary financial results for the period ending in 2022- 12-31 (twelve months).

The operational profit amounted to 760 million riyals in the fourth quarter, compared to 173.3 million riyals in the same quarter of the previous year, an increase of 338.5%.

The net profit after zakat and tax during the 12-month period amounted to 1.04 billion riyals, compared to 192.4 million riyals in the same period last year, with a growth of 441%.

Total shareholders’ equity “without minority rights” amounted to 10.4 billion riyals in the current period, compared to 9.4 billion riyals in the same period last year, an increase of 11.4%.

Earnings per share in the current period reached 2.11 riyals, compared to 0.39 riyals 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 the previous year is due to:

– The increase in revenues, as a result of the improvement in the performance of several sectors, especially the crude oil transport sector, whose revenues increased by 764 million riyals, and the chemicals transport sector, whose revenues increased by 344 million riyals, as a result of the improvement in transport prices, in addition to the increase in transport operations and the addition of ships New to the Navy.

Other revenues increased by 147 million riyals during this quarter compared to the same quarter of the previous year, supported by the realization of capital gains of 154 million riyals from the sale of ships within the fleet modernization plan.

– While limiting the increase in net profit, the increase in financing expenses amounted to 68 million riyals during this quarter compared to the same quarter of the previous year.

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

– The increase in revenues, as a result of the improvement in the performance of several sectors, especially the crude oil transport sector, whose revenues increased by 277 million riyals, and the chemical transport sector, whose revenues increased by 94 million riyals, in addition to the increase in the revenues of the logistics services sector by 57 million riyals. This is due to the improvement in transportation prices, in addition to the increase in transportation operations

Other revenues increased by 125 million riyals during the current quarter compared to the previous quarter

– While limiting the increase in net profit, the increase in the provision for doubtful debts amounted to 54 million riyals during the current quarter as a result of reversing provisions during the previous quarter.

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

– The increase in revenues, as a result of the improvement in the performance of all sectors, especially the crude oil transport sector, whose revenues increased by 2,017 million riyals, and the chemical transport sector, whose revenues increased by 883 million riyals, as a result of the improvement in transport prices, in addition to the increase in transport operations and the addition of ships New to the Navy

– An increase in other revenues by 161 million riyals during the current period compared to the same period of the previous year, supported by the realization of capital gains of 160 million riyals from the sale of ships within the fleet modernization plan.

– In limiting the increase in net profit, the increase in financing expenses amounted to 117 million riyals during the current period compared to the same period of the previous year.