National Shipping Company of Saudi Arabia (Bahri) reported a net profit after Zakat and tax of SAR 192.4 million in 2021, declining by 88% from SAR 1.571 billion in 2020.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 8,393.00 | 5,351.08 | (36.2 %) |
| Gross Income | 2,121.87 | 556.50 | (73.8 %) |
| Operating Income | 1,886.46 | 388.36 | (79.4 %) |
| Net Income | 1,571.11 | 192.43 | (87.8 %) |
| Average Shares | 738.28 | 738.28 | - |
| EPS (Riyals) | 2.13 | 0.26 | (87.8 %) |
The company attributed the profit decline to lower revenue from multiple sectors, especially the oil sector, by 49% compared to the same period of last year. This was due to the significant decline in global shipping rates, in addition to lower shipping operations during the current year.
Bahri also cited the decrease in financial charges by SAR 74 million and lower provision of doubtful debts by 97%, in addition to the increase in other income.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 1,268.09 | 1,546.54 | 22.0 % |
| Gross Income | 218.02 | 211.93 | (2.8 %) |
| Operating Income | 160.74 | 163.98 | 2.0 % |
| Net Income | 77.54 | 91.98 | 18.6 % |
| Average Shares | 738.28 | 738.28 | - |
| EPS (Riyals) | 0.11 | 0.12 | 18.6 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 1,320.58 | 1,546.54 | 17.1 % |
| Gross Income | 133.10 | 211.93 | 59.2 % |
| Operating Income | 89.71 | 163.98 | 82.8 % |
| Net Income | 17.99 | 91.98 | 411.2 % |
| Average Shares | 738.28 | 738.28 | - |
| EPS (Riyals) | 0.02 | 0.12 | 411.2 % |
The company reported a net profit of SAR 92 million in Q4 2021, a 19% year-on-year (YoY) rise, on higher revenue from several sectors, particularly, from the oil sector, caused by higher transportation rates and shipping operations.
When compared to previous quarter, Q4 2021 net profit increased significantly on higher revenues.
Shareholders' equity, excluding minority interest, at the end of the period amounted to SAR 9.41 billion, compared to SAR 9.98 billion at the end of the same period last year.
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