Bahri Q3 Profits Rise 127% to SAR 509 Million

The net profit of the National Shipping Company of Saudi Arabia “Bahri” jumped during the third quarter to 509 million riyals, compared to 224 million riyals in the same quarter last year by 127%, following the announcement today of the preliminary financial results for the period ending Sep. 30, 2024 (9 months).

The total operational profit in the third quarter increased by 52% to 640 million riyals, compared to 421 million riyals in the same quarter last year.

The company’s net profit during the 9-month duration increased by 40% to 1.69 billion riyals, compared to 1.21 billion riyals in the same duration last year.

The profits per share in the current duration amounted to 2.3 riyals compared to 1.64 riyals in the same duration last year.

The company stated in a statement today that the main reason for the increase in revenues during the current quarter, compared to the same quarter last year is due to:

Increase in revenue of multiple sectors, especially Chemicals transportation sector, whose revenue increased by 164 million riyals, Dry Bulk sector by 92 million riyals, and Logistics sector by 52 million riyals, as a result of the increase in operations activities and the improvement of global shipping rates during the current quarter compared to the same quarter last year. In contrast, revenue of the Oil transportation sector decreased by 106 million riyals as a result of the decrease in global shipping rates during the current quarter compared to the same quarter last year.