National Shipping Company of Saudi Arabia (Bahri) reported a net profit after Zakat and tax of SAR 1.493 billion for the first nine months of 2020, a steep rise from SAR 371.6 million in the same period last year.
The increase was attributed to higher returns in several operating segments supported mainly by the growth in oil transport sector due to the rise of transportation rates, along with the increase in number of voyages during the period.
The company also noted a decrease in financing expenses and profit share from associates in the current nine-month period as opposed losses the previous year.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 4,627.61 | 7,124.91 | 54.0 % |
| Gross Income | 962.42 | 1,903.85 | 97.8 % |
| Operating Income | 816.33 | 1,725.72 | 111.4 % |
| Net Income | 371.62 | 1,493.57 | 301.9 % |
| Average Shares | 738.28 | 738.28 | - |
| EPS (Riyals) | 0.50 | 2.02 | 301.9 % |
The Q3 2020 net profit after Zakat and taxes more than doubled to SAR 313.74 million, compared to the previous year, due to higher returns from several operating segments, along with lower zakat and income tax expense and a decrease in financing expenses.
On a sequential basis, the Q3 net profit fell 58.8%.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 1,481.56 | 1,510.30 | 1.9 % |
| Gross Income | 296.11 | 379.89 | 28.3 % |
| Operating Income | 240.74 | 307.24 | 27.6 % |
| Net Income | 146.73 | 313.74 | 113.8 % |
| Average Shares | 738.28 | 738.28 | - |
| EPS (Riyals) | 0.20 | 0.42 | 113.8 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 3,532.43 | 1,510.30 | (57.2 %) |
| Gross Income | 962.62 | 379.89 | (60.5 %) |
| Operating Income | 919.60 | 307.24 | (66.6 %) |
| Net Income | 760.61 | 313.74 | (58.8 %) |
| Average Shares | 738.28 | 738.28 | - |
| EPS (Riyals) | 1.03 | 0.42 | (58.8 %) |
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