Bahri posts lower net profit at SAR 144.5m in Q1 of 2013

31/03/2013 Argaam Exclusive

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National Shipping Company of Saudi Arabia (BAHRI)

The National Shipping Company of Saudi Arabia, which operates a fleet of crude oil and chemical tankers, reported SAR 144.5m net profit at the end of the first quarter of 2013, a 10% decrease compared to the same quarter last year, as shown in the following table:

 



Current Quarter Comparison (M)

Compared With The
Item Q1 2012 Q1 2013 Change‬
Revenues 632.05 598.66 (5.3 %)
Gross Income 180.41 101.23 (43.9 %)
Operating Income 151.09 78.19 (48.2 %)
Net Income 160.09 138.08 (13.7 %)
Average Shares 590.63 590.63 -
EPS (Riyals) 0.27 0.23 (13.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 404.56 12.3 % 138.90 59.0 % 102.10 98.8 % 0.20
Q2 2004 790.14 100.5 % 121.95 7.5 % 86.89 68.5 % 0.17
Q3 2004 390.67 15.6 % 120.74 90.2 % 85.27 193.2 % 0.17
Q4 2004 457.06 29.1 % 197.94 164.9 % 153.59 548.7 % 0.30
Q1 2005 435.22 7.6 % 184.56 32.9 % 142.97 40.0 % 0.28
Q2 2005 401.87 (49.1 %) 123.79 1.5 % 88.15 1.5 % 0.17
Q3 2005 388.58 (0.5 %) 121.62 0.7 % 117.10 37.3 % 0.23
Q4 2005 376.60 (17.6 %) 122.83 (37.9 %) 89.61 (41.7 %) 0.17
Q1 2006 423.75 (2.6 %) 137.12 (25.7 %) 158.60 10.9 % 0.31
Q2 2006 423.35 5.3 % 104.75 (15.4 %) 109.04 23.7 % 0.21
Q3 2006 432.55 11.3 % 134.31 10.4 % 109.28 (6.7 %) 0.21
Q4 2006 371.64 (1.3 %) 114.09 (7.1 %) 64.59 (27.9 %) 0.13
Q1 2007 402.05 (5.1 %) 142.36 3.8 % 117.38 (26.0 %) 0.23
Q2 2007 451.70 6.7 % 152.72 45.8 % 107.98 (1.0 %) 0.18
Q3 2007 431.02 (0.4 %) 119.81 (10.8 %) 112.57 3.0 % 0.19
Q4 2007 418.53 12.6 % 93.10 (18.4 %) 84.64 31.1 % 0.14
Q1 2008 584.45 45.4 % 236.25 66.0 % 173.12 47.5 % 0.29
Q2 2008 627.52 38.9 % 253.70 66.1 % 198.54 83.9 % 0.34
Q3 2008 726.74 68.6 % 344.25 187.3 % 282.20 150.7 % 0.48
Q4 2008 655.82 56.7 % 199.31 114.1 % 96.11 13.5 % 0.16
Q1 2009 469.30 (19.7 %) 135.34 (42.7 %) 151.05 (12.7 %) 0.26
Q2 2009 361.28 (42.4 %) 119.16 (53.0 %) 107.65 (45.8 %) 0.18
Q3 2009 399.66 (45.0 %) 98.66 (71.3 %) 56.03 (80.1 %) 0.09
Q4 2009 441.78 (32.6 %) 102.53 (48.6 %) 54.57 (43.2 %) 0.09
Q1 2010 512.31 9.2 % 158.55 17.1 % 130.35 (13.7 %) 0.22
Q2 2010 557.26 54.2 % 173.36 45.5 % 132.17 22.8 % 0.22
Q3 2010 514.48 28.7 % 129.15 30.9 % 97.00 73.1 % 0.16
Q4 2010 465.78 5.4 % 96.33 (6.1 %) 55.36 1.4 % 0.09
Q1 2011 425.93 (16.9 %) 65.50 (58.7 %) 59.69 (54.2 %) 0.10
Q2 2011 518.41 (7.0 %) 129.40 (25.4 %) 91.37 (30.9 %) 0.15
Q3 2011 479.15 (6.9 %) 61.64 (52.3 %) 23.40 (75.9 %) 0.04
Q4 2011 567.60 21.9 % 82.64 (14.2 %) 113.31 104.7 % 0.19
Q1 2012 632.05 48.4 % 180.41 175.5 % 160.09 168.2 % 0.27
Q2 2012 693.64 33.8 % 193.93 49.9 % 207.10 126.7 % 0.35
Q3 2012 553.94 15.6 % 105.62 71.3 % 60.21 157.3 % 0.10
Q4 2012 585.00 3.1 % 93.54 13.2 % 76.60 (32.4 %) 0.13
Q1 2013 598.66 (5.3 %) 101.23 (43.9 %) 138.08 (13.7 %) 0.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 26.19 % 39.10 % 14.88 %
Q2 2004 21.15 % 30.90 % 12.49 %
Q3 2004 23.53 % 32.49 % 16.34 %
Q4 2004 28.37 % 36.54 % 22.54 %
Q1 2005 30.16 % 39.43 % 24.18 %
Q2 2005 37.22 % 47.97 % 29.76 %
Q3 2005 37.31 % 47.79 % 31.69 %
Q4 2005 34.50 % 44.71 % 27.04 %
Q1 2006 31.77 % 40.16 % 27.27 %
Q2 2006 30.16 % 38.89 % 27.25 %
Q3 2006 30.13 % 39.06 % 26.09 %
Q4 2006 29.69 % 39.32 % 24.84 %
Q1 2007 30.41 % 40.54 % 23.57 %
Q2 2007 32.78 % 43.28 % 23.13 %
Q3 2007 31.94 % 42.76 % 21.23 %
Q4 2007 29.82 % 40.54 % 22.42 %
Q1 2008 31.92 % 42.25 % 23.20 %
Q2 2008 34.09 % 43.97 % 26.34 %
Q3 2008 39.34 % 48.43 % 31.70 %
Q4 2008 39.83 % 48.58 % 30.55 %
Q1 2009 37.61 % 47.27 % 29.87 %
Q2 2009 36.06 % 47.16 % 29.36 %
Q3 2009 29.29 % 43.10 % 21.82 %
Q4 2009 27.25 % 43.15 % 19.57 %
Q1 2010 27.92 % 43.37 % 19.62 %
Q2 2010 27.90 % 41.88 % 18.89 %
Q3 2010 27.82 % 40.77 % 19.69 %
Q4 2010 27.19 % 39.72 % 19.49 %
Q1 2011 23.65 % 36.59 % 16.75 %
Q2 2011 21.84 % 35.00 % 14.97 %
Q3 2011 18.68 % 32.27 % 11.76 %
Q4 2011 17.03 % 30.64 % 14.08 %
Q1 2012 20.67 % 33.50 % 17.32 %
Q2 2012 21.86 % 33.45 % 20.41 %
Q3 2012 22.99 % 34.59 % 21.59 %
Q4 2012 23.27 % 35.87 % 19.94 %
Q1 2013 20.33 % 33.77 % 17.18 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 514.28 0.40 0.43 3.84
Q2 2004 514.28 0.47 0.46 4.06
Q3 2004 514.28 0.58 0.62 4.21
Q4 2004 514.28 0.83 0.90 4.14
Q1 2005 514.28 0.91 0.97 4.44
Q2 2005 514.28 0.91 0.98 4.62
Q3 2005 514.28 0.98 1.04 4.86
Q4 2005 514.28 0.85 0.84 5.06
Q1 2006 514.28 0.88 0.84 5.35
Q2 2006 514.28 0.92 0.85 5.53
Q3 2006 514.28 0.91 0.84 5.73
Q4 2006 514.28 0.86 0.80 5.84
Q1 2007 514.28 0.78 0.75 6.07
Q2 2007 590.63 0.68 0.65 7.51
Q3 2007 590.63 0.68 0.60 7.72
Q4 2007 590.63 0.72 0.65 7.89
Q1 2008 590.63 0.81 0.74 8.17
Q2 2008 590.63 0.96 0.92 7.96
Q3 2008 590.63 1.25 1.27 8.44
Q4 2008 590.63 1.27 1.34 8.62
Q1 2009 590.63 1.23 1.25 8.07
Q2 2009 590.63 1.08 1.10 8.26
Q3 2009 590.63 0.70 0.70 8.35
Q4 2009 590.63 0.63 0.55 8.44
Q1 2010 590.63 0.59 0.57 8.67
Q2 2010 590.63 0.63 0.61 8.36
Q3 2010 590.63 0.70 0.68 8.52
Q4 2010 590.63 0.70 0.68 8.62
Q1 2011 590.63 0.58 0.56 8.18
Q2 2011 590.63 0.51 0.49 8.34
Q3 2011 590.63 0.39 0.38 8.38
Q4 2011 590.63 0.49 0.47 8.57
Q1 2012 590.63 0.66 0.64 8.85
Q2 2012 590.63 0.85 0.82 8.93
Q3 2012 590.63 0.92 0.89 9.03
Q4 2012 590.63 0.85 0.83 9.16
Q1 2013 590.63 0.82 0.71 8.86

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 39.45 36.72 4.13
Q2 2004 48.12 49.36 5.57
Q3 2004 47.40 44.56 6.52
Q4 2004 31.72 29.48 6.37
Q1 2005 32.40 30.30 6.65
Q2 2005 46.54 43.62 9.21
Q3 2005 43.37 40.82 8.71
Q4 2005 More than 50 More than 50 12.05
Q1 2006 46.60 48.72 7.67
Q2 2006 43.69 47.17 7.28
Q3 2006 38.38 41.44 6.08
Q4 2006 20.08 21.61 2.95
Q1 2007 18.21 18.97 2.33
Q2 2007 16.03 16.70 1.44
Q3 2007 16.39 18.77 1.45
Q4 2007 23.30 25.79 2.11
Q1 2008 18.94 20.71 1.88
Q2 2008 23.20 24.30 2.81
Q3 2008 11.57 11.44 1.72
Q4 2008 8.67 8.20 1.28
Q1 2009 8.47 8.32 1.29
Q2 2009 10.57 10.37 1.38
Q3 2009 16.49 16.47 1.37
Q4 2009 18.93 21.37 1.40
Q1 2010 22.94 23.76 1.56
Q2 2010 18.90 19.53 1.43
Q3 2010 16.27 16.88 1.34
Q4 2010 16.62 17.25 1.35
Q1 2011 17.57 18.38 1.25
Q2 2011 18.05 19.00 1.11
Q3 2011 20.14 20.83 0.94
Q4 2011 16.63 17.08 0.95
Q1 2012 17.66 18.01 1.31
Q2 2012 14.54 15.13 1.39
Q3 2012 12.68 12.98 1.29
Q4 2012 14.97 15.35 1.39
Q1 2013 16.39 18.91 1.51

Business Segments (Million)

Compared With The
Period Oil transport Petrochemical transport Logistics Transport of bulk cargo
Q1 2004 192.96 125.20 86.40 -
Q4 2004 239.81 52.45 159.61 -
Q4 2005 162.28 89.47 124.86 -
Q1 2006 183.69 124.86 115.20 -
Q2 2006 164.91 133.26 125.18 -
Q3 2006 193.91 131.88 106.76 -
Q4 2006 166.48 103.25 101.92 -
Q1 2007 179.25 102.22 120.58 -
Q2 2007 205.74 141.02 104.94 -
Q3 2007 179.35 117.77 133.89 -
Q4 2007 176.18 113.36 128.99 -
Q1 2008 301.79 136.57 146.08 -
Q2 2008 316.79 147.78 162.96 -
Q3 2008 406.48 163.41 156.85 -
Q4 2008 327.39 171.18 157.26 -
Q1 2009 259.73 98.59 110.98 -
Q2 2009 221.47 74.65 65.17 -
Q3 2009 259.27 70.09 70.29 -
Q4 2009 299.76 61.38 80.64 -
Q1 2010 380.40 64.56 67.36 -
Q2 2010 405.43 65.45 86.38 -
Q3 2010 348.63 70.53 95.31 -
Q4 2010 311.08 66.20 88.50 -
Q1 2011 298.47 67.73 59.74 -
Q2 2011 317.59 79.48 121.35 -
Q3 2011 303.15 91.61 84.38 -
Q4 2011 308.22 123.73 135.65 -
Q1 2012 428.45 115.96 87.64 -
Q2 2012 436.55 104.87 141.86 10.36
Q3 2012 305.22 103.94 132.84 11.95
Q4 2012 304.26 116.11 147.77 16.86
Q1 2013 330.60 119.95 130.57 17.54

Current
Market Cap (M Riyal) 20,487.27
Enterprise Value (EV) (M) 26,189.56
Shares Outstanding ((M)) 738.28
EPS ( Riyal) (TTM) 2.13
Book Value (BV) ( Riyal) 16.65
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.14
P/E (TTM) 13.02
Price/book 1.67
Return on Average Assets (%) (TTM) 6.7
Return on Average Equity (%) (TTM) 13.5

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