Bahri profits increase by 48% in Q2 to SAR 733 million

The net profit of the Saudi National Shipping Company (Bahri) rose to 733 million riyals during the second quarter, compared to 495 million riyals in the same quarter of last year, an increase of 48%. This came after today’s announcement of the estimated preliminary financial results for the period ending on June 30, 2024 (six months).

Operating profit reached 842 million riyals in the second quarter, compared to 594.5 million riyals in the same quarter of the previous year, an increase of 42%.

Net profit for the six-month period reached 1.18 billion riyals, compared to 988 million riyals in the same period last year, an increase of 20%.

Earnings per share in the current period reached 1.61 riyals, compared to 1.34 riyals in the same period last year.

The main reason for the increase in revenue during the current quarter compared with same quarter of last year is:

-The increase in revenue of multiple sectors, especially chemicals transportation whose revenue increased by an amount of SAR 256 million, Logistics sector by SAR 81 million, and Dry Bulk sector by an amount of SAR 58 million due to the increase in operations activities and the improvement of global shipping rates during the current quarter compared with same quarter 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 gross profit by an amount of SAR 289 million due to the improvement of operations performance and the improvement of global shipping rates for multiple sectors in the group, where the Chemicals transportation sector gross profit increased by an amount of SAR 167 million, and Oil transportation sector by an amount of SAR 86 million during the current quarter compared with same quarter of the last year.

-The increase in the Company’s share in results of equity accounted investee companies by an amount of SAR 24 million during the current quarter compared with same quarter of the last year.

While limiting the increase in net profits, the increase in the general administration expense by an amount of SAR 43 million during the current quarter compared with same quarter of the last year.

The main reason for the increase in revenue in the current quarter compared with previous quarter is:

-The increase in revenue of all sectors, especially chemicals transportation sector whose revenue increased by an amount of SAR 119 million, Logistics sector by SAR 114 million, and Oil transportation sector by an amount of SAR 106 million due to the increase in operations activities and the improvement of global shipping rates during the current quarter compared with previous quarter.

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

-The increase in gross profit by an amount of SAR 206 million due to the improvement of operations performance and the improvement of global shipping rates in multiple sectors of the Group, where Logistics sector gross profit increased by an amount of SAR 74 million, Oil transportation sector by SAR 70 million and Chemicals transportation sector by SAR 65 million during the current quarter compared with previous quarter.

-The increase in the Company’s share in results of equity accounted investee companies by an amount of SAR 79 million during the current quarter compared with the previous quarter.

-The increase in other income by an amount of SAR 55 million during the current quarter compared with the previous quarter, which is mainly due to the realized capital gain by an amount of SAR 76 million (Comparing with SAR 22 million in previous quarter) from sale of vessels within the fleet modernization plan.

-The decrease in the finance costs by an amount of SAR 19 million was due to repayment of some loans during the current quarter compared with the previous quarter.

While limiting the increase in net profits, the increase in general and administrative expenses by an amount of SAR 41 million during the current quarter compared with previous quarter.

The main reason for the increase in revenue during the current period compared with same period of last year is:

-Improvement of operations performance in multiple sectors of the Group, especially the Chemicals transportation sector whose revenue increased by an amount of SAR 338 million, Dry Bulk transportation sector by an amount of SAR 70 million, and Logistics sector by an amount of SAR 49 million due to the increase in operation activities as well as the increase in global shipping rates during the current period compared with same period last year, offset by the decrease in revenue Oil transportation sector whose revenue decreased by an amount of SAR 170 million during this period compared with same period of the last year.

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

-The increase in gross profit by an amount of SAR 337 million due to the improvement of operations performance and the improvement of global shipping rates in multiple sectors of the Group, where the Chemicals transportation sector gross profit increased by an amount of SAR 201 million, and Oil transportation sector by SAR 166 million during the current period compared with same period of the last year.

-The increase in Finance income by an amount of SAR 22 million during the current period compared with same period of the last year

While limiting the increase in net profits, the increase in the general and administrative expenses by an amount of SAR 54 million, and the decrease in the Company’s share in results of equity accounted investee companies by an amount of SR 44 million during the current period compared with same period of the last year.

Certain comparative figures of the prior period have been reclassified to match with the presentation of the current period.