Bahri’s profits jumped 659% in Q1, to SR492.5 mln

The net profit after zakat and tax of the Saudi National Shipping Company “Bahri” jumped to 492.5 million riyals during the first quarter, compared to 65 million riyals in the same quarter of last year, by 659%. This came after today’s announcement of the preliminary financial results for the ending period. On 2023-03-31 ( 3 months).

The operating profit amounted to 609 million riyals in the first quarter, compared to 119 million riyals in the same quarter of the previous year, an increase of 412%.

As for the total profit, it amounted to 615 million riyals in the first quarter, compared to 156 million riyals in the same quarter of the previous year, with a growth of 294%.

Earnings per share in the current period amounted to 1 riyal, compared to 0.13 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 449 million riyals, and the chemicals transportation sector, whose revenues increased by 377 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.

– The increase in profits from the company’s share in invested companies using the equity method by an amount of 96 million riyals during this quarter compared to the same quarter of the previous year.

– While limiting the increase in net profit, the increase in financing expenses amounted to 117 million riyals during this quarter compared to the same quarter of the previous year.

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

– A decrease in other revenues by 123 million riyals, due to the fact that the previous quarter included capital gains in the amount of 154 million riyals, compared to 17 million riyals in the current quarter as a result of selling some ships within the fleet modernization plan.

– Decrease in revenues from some sectors, especially the oil transport sector, due to the decline in transport rates.

– An increase in financing expenses by 36 million riyals during the current quarter compared to the previous quarter

– It also contributed to reducing the decrease in net profit, the increase in profits from the company’s share in invested companies using the equity method by an amount of 88 million riyals, in addition to the decrease in general expenses by an amount of 28 million Saudi riyals during the current quarter compared to the previous quarter.

The company said that some comparative figures for the previous period have been reclassified to be in line with the presentation for the current period

Earnings per share in the current period amounted to 1 riyal, compared to 0.13 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 449 million riyals, and the chemicals transportation sector, whose revenues increased by 377 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.

– The increase in profits from the company’s share in invested companies using the equity method by an amount of 96 million riyals during this quarter compared to the same quarter of the previous year.

– While limiting the increase in net profit, the increase in financing expenses amounted to 117 million riyals during this quarter compared to the same quarter of the previous year.

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

– A decrease in other revenues by 123 million riyals, due to the fact that the previous quarter included capital gains in the amount of 154 million riyals, compared to 17 million riyals in the current quarter as a result of selling some ships within the fleet modernization plan.

– Decrease in revenues from some sectors, especially the oil transport sector, due to the decline in transport rates.

– An increase in financing expenses by 36 million riyals during the current quarter compared to the previous quarter

– It also contributed to reducing the decrease in net profit, the increase in profits from the company’s share in invested companies using the equity method by an amount of 88 million riyals, in addition to the decrease in general expenses by an amount of 28 million Saudi riyals during the current quarter compared to the previous quarter.

The company said that some comparative figures for the previous period have been reclassified to be in line with the presentation for the current period.