Bahri’s net profit fell 27% in H1 2019

22/07/2019 Argaam Exclusive

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Share Price

National Shipping Company of Saudi Arabia (BAHRI)

National Shipping Company of Saudi Arabia (Bahri) reported a net profit after zakat and tax of SAR 224.9 million for the first half of 2019, down 27.1 percent year-on-year (YoY) due to lower returns of logistics services, higher oil transportation rates and higher financing cost.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 2,954.29 3,146.05 6.5 %
Gross Income 638.25 666.31 4.4 %
Operating Income 552.27 571.37 3.5 %
Net Income 308.54 224.90 (27.1 %)
Average Shares 738.28 738.28 -
EPS (Riyals) 0.42 0.30 (27.1 %)

The company’s net profit in Q2 dropped by 75.2 percent YoY to SAR 45.6 million on lower returns of logistics services, higher operating cost mainly due to an increase in depreciation charges and bunker cost, as well as higher financing cost.

 

When compared to the previous quarter, Q2 net profit fell 74.6 percent due to lower operating profit driven by lower oil transportation rates.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 1,496.97 1,440.28 (3.8 %)
Gross Income 334.47 240.13 (28.2 %)
Operating Income 304.47 198.17 (34.9 %)
Net Income 185.41 45.57 (75.4 %)
Average Shares 738.28 738.28 -
EPS (Riyals) 0.25 0.06 (75.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q2 2013 691.06 (0.4 %) 178.44 (8.0 %) 164.57 (20.5 %) 0.28
Q3 2013 774.40 39.8 % 158.68 50.2 % 169.35 181.3 % 0.29
Q4 2013 782.58 33.8 % 141.21 51.0 % 280.26 265.9 % 0.47
Q1 2014 771.01 28.8 % 187.40 85.1 % 195.15 41.3 % 0.29
Q2 2014 762.50 10.3 % 136.91 (23.3 %) 130.43 (20.7 %) 0.20
Q3 2014 829.29 7.1 % 118.09 (25.6 %) 84.85 (49.9 %) 0.13
Q4 2014 1,263.62 61.5 % 231.83 64.2 % 123.42 (56.0 %) 0.19
Q1 2015 1,642.46 113.0 % 455.21 142.9 % 398.41 104.2 % 0.54
Q2 2015 1,810.69 137.5 % 440.43 221.7 % 342.48 162.6 % 0.46
Q3 2015 1,917.64 131.2 % 611.25 417.6 % 510.30 501.4 % 0.69
Q4 2015 2,110.78 67.0 % 689.63 197.5 % 566.40 358.9 % 0.77
Q1 2016 1,957.74 19.2 % 747.13 64.1 % 612.92 53.8 % 0.83
Q2 2016 1,835.25 1.4 % 555.39 26.1 % 487.10 42.2 % 0.66
Q3 2016 1,374.13 (28.3 %) 251.47 (58.9 %) 315.38 (38.2 %) 0.43
Q4 2016 1,621.37 (23.2 %) 338.33 (50.9 %) 302.47 (46.6 %) 0.41
Q1 2017 1,937.84 (1.0 %) 477.79 (36.0 %) 378.86 (38.2 %) 0.51
Q2 2017 1,390.83 (24.2 %) 267.50 (51.8 %) 153.91 (68.4 %) 0.21
Q3 2017 1,283.62 (6.6 %) 209.54 (16.7 %) 60.51 (80.8 %) 0.08
Q4 2017 1,433.55 (11.6 %) 365.85 8.1 % 207.04 (31.5 %) 0.28
Q1 2018 1,457.32 (24.8 %) 303.78 (36.4 %) 123.14 (67.5 %) 0.17
Q2 2018 1,496.97 7.6 % 334.47 25.0 % 185.41 20.5 % 0.25
Q3 2018 1,393.92 8.6 % 203.87 (2.7 %) 81.28 34.3 % 0.11
Q4 2018 1,781.70 24.3 % 404.86 10.7 % 91.41 (55.8 %) 0.12
Q1 2019 1,705.77 17.0 % 426.18 40.3 % 179.33 45.6 % 0.24
Q2 2019 1,440.28 (3.8 %) 240.13 (28.2 %) 45.57 (75.4 %) 0.06

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2013 19.72 % 34.58 % 15.92 %
Q3 2013 20.08 % 34.14 % 18.05 %
Q4 2013 20.36 % 34.07 % 23.95 %
Q1 2014 22.05 % 35.53 % 26.19 %
Q2 2014 20.20 % 34.14 % 24.47 %
Q3 2014 18.55 % 33.11 % 21.92 %
Q4 2014 18.59 % 32.49 % 14.57 %
Q1 2015 20.94 % 33.66 % 16.24 %
Q2 2015 22.46 % 33.83 % 16.99 %
Q3 2015 26.21 % 36.02 % 20.60 %
Q4 2015 29.36 % 37.43 % 24.23 %
Q1 2016 31.92 % 39.81 % 26.45 %
Q2 2016 33.29 % 40.77 % 28.23 %
Q3 2016 30.83 % 39.67 % 25.61 %
Q4 2016 27.88 % 40.49 % 23.59 %
Q1 2017 23.98 % 36.68 % 19.71 %
Q2 2017 21.11 % 34.70 % 15.82 %
Q3 2017 20.74 % 35.49 % 14.37 %
Q4 2017 21.84 % 33.14 % 13.72 %
Q1 2018 20.60 % 32.89 % 10.30 %
Q2 2018 21.40 % 33.93 % 10.67 %
Q3 2018 20.89 % 31.75 % 10.82 %
Q4 2018 20.34 % 32.61 % 7.85 %
Q1 2019 21.47 % 33.09 % 8.43 %
Q2 2019 20.17 % 32.47 % 6.29 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2013 590.63 0.74 0.65 9.14
Q3 2013 590.63 0.93 0.81 9.42
Q4 2013 590.63 1.27 1.15 9.90
Q1 2014 664.45 1.22 1.19 9.69
Q2 2014 664.45 1.17 1.14 9.91
Q3 2014 664.45 1.04 1.04 10.42
Q4 2014 664.45 0.80 0.80 10.59
Q1 2015 738.28 1.00 0.99 11.13
Q2 2015 738.28 1.29 1.28 11.12
Q3 2015 738.28 1.86 1.85 11.81
Q4 2015 738.28 2.46 2.45 12.58
Q1 2016 738.28 2.75 2.79 13.40
Q2 2016 738.28 2.95 2.99 12.75
Q3 2016 738.28 2.68 2.53 13.18
Q4 2016 738.28 2.33 2.17 13.11
Q1 2017 738.28 2.01 1.81 12.29
Q2 2017 738.28 1.56 1.36 12.50
Q3 2017 738.28 1.21 1.21 12.58
Q4 2017 738.28 1.08 1.12 12.86
Q1 2018 738.28 0.74 0.78 13.03
Q2 2018 738.28 0.78 0.82 12.48
Q3 2018 738.28 0.81 0.85 12.59
Q4 2018 738.28 0.65 0.65 12.70
Q1 2019 738.28 0.73 0.73 12.95
Q2 2019 738.28 0.54 0.54 12.21

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2013 17.48 19.86 1.42
Q3 2013 15.11 17.34 1.49
Q4 2013 14.77 16.29 1.90
Q1 2014 16.45 16.84 2.33
Q2 2014 16.38 16.79 2.17
Q3 2014 21.80 21.83 1.96
Q4 2014 25.07 25.33 1.71
Q1 2015 21.79 22.00 1.96
Q2 2015 21.81 21.96 2.52
Q3 2015 11.12 11.18 1.75
Q4 2015 10.08 10.11 1.97
Q1 2016 8.16 8.04 1.68
Q2 2016 6.96 6.87 1.61
Q3 2016 6.04 6.42 1.23
Q4 2016 9.94 10.67 1.77
Q1 2017 9.47 10.53 1.55
Q2 2017 12.79 14.71 1.60
Q3 2017 13.84 13.84 1.33
Q4 2017 15.49 14.95 1.31
Q1 2018 22.68 21.53 1.28
Q2 2018 20.96 19.96 1.31
Q3 2018 22.08 21.06 1.42
Q4 2018 27.34 27.34 1.40
Q1 2019 22.14 22.14 1.24
Q2 2019 26.95 26.95 1.19

Business Segments (Million)

Compared With The
Period Oil transport Petrochemical transport Logistics Transport of bulk cargo Non-sectoral items Eliminations
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 - -
Q2 2013 388.83 132.66 134.07 35.51 - -
Q3 2013 375.33 224.71 143.86 30.50 - -
Q4 2013 412.00 186.56 153.66 30.35 - -
Q1 2014 414.24 193.67 131.81 31.29 - -
Q2 2014 376.89 205.90 147.11 32.60 - -
Q3 2014 483.60 203.98 113.42 28.28 - -
Q4 2014 877.53 199.37 158.05 28.67 - -
Q1 2015 1,275.03 201.34 138.06 28.03 - -
Q2 2015 1,413.36 193.19 175.87 28.28 - -
Q3 2015 1,406.83 198.58 284.07 28.16 - -
Q4 2015 1,636.53 181.50 245.11 30.09 - -
Q1 2016 1,540.94 161.52 208.09 47.18 - -
Q2 2016 1,370.17 194.70 215.25 55.14 - -
Q3 2016 911.03 222.40 164.63 76.07 - -
Q4 2016 975.57 195.53 343.81 92.77 - -
Q1 2017 1,365.55 200.18 272.26 99.85 - -
Q2 2017 800.48 193.65 285.22 111.49 - -
Q3 2017 750.95 195.73 261.68 75.27 - -
Q4 2017 809.27 215.71 318.80 75.70 - -
Q1 2018 812.32 213.37 316.20 100.35 15.09 -
Q2 2018 906.92 226.02 245.65 104.13 14.25 -
Q3 2018 897.27 210.00 224.45 76.91 (14.70) -
Q4 2018 1,076.04 222.80 371.73 106.00 5.14 -
Q1 2019 1,041.44 275.80 237.60 146.96 3.97 -
Q2 2019 807.92 258.81 264.17 103.89 5.49 -

Analysts Estimates (Million)

Item Q2 2019 (e) Q2 2019 (a) Change‬
Average 137.20 45.57 (66.8 %)

Estimates vs Actual (Million)

Item Q2 2019 (e) Q2 2019 (a) Change
AlJazira Capital 137.20 45.57 (66.8) %

Current
Market Cap (M Riyal) 19,896.65
Enterprise Value (EV) (M) 25,598.94
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) 15.67
P/E (TTM) 12.64
Price/book 1.62
Return on Average Assets (%) (TTM) 6.7
Return on Average Equity (%) (TTM) 13.5

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