Bahri net profit tumbles 90% to SAR 43.6 mln in Q1 2021

19/04/2021 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 43.6 million for Q1 2021, a slump of 90% from SAR 419.2 million in prior-year period.

The profit drop was mainly attributed to a steep decline in oil segment revenue, amid lower transportation rates and volumes.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2020	Q1 2021	Change‬
Revenues	2,082.18	1,189.20	(42.9 %)
Gross Income	561.35	84.20	(85.0 %)
Operating Income	498.88	56.05	(88.8 %)
Net Income	419.22	43.56	(89.6 %)
Average Shares	738.28	738.28	-
EPS (Riyals)	0.57	0.06	(89.6 %)

Item	Q4 2020	Q1 2021	Change‬
Revenues	1,268.09	1,189.20	(6.2 %)
Gross Income	218.02	84.20	(61.4 %)
Operating Income	160.74	56.05	(65.1 %)
Net Income	77.54	43.56	(43.8 %)
Average Shares	738.28	738.28	-
EPS (Riyals)	0.11	0.06	(43.8 %)

When compared to Q4 2020, the first-quarter net profit fell by 43.8%, on lower revenue from several segments, particularly, from the oil business, caused by the decline in transportation rates and volumes.

Shareholders’ equity, excluding minority interest, grew by 4.2% to SAR 10.040 billion in Q1 2021 from SAR 9.631 billion a year earlier.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2012	2,464.63	23.8 %	536.85	58.3 %	503.99	75.1 %	0.85
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
2013	2,846.70	15.5 %	579.56	8.0 %	752.26	49.3 %	1.27
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
2014	3,626.41	27.4 %	674.23	16.3 %	533.84	(29.0 %)	0.80
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
2015	7,464.02	105.8 %	2,196.52	225.8 %	1,817.58	240.5 %	2.46
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
2016	6,788.48	(9.1 %)	1,892.33	(13.8 %)	1,717.87	(5.5 %)	2.33
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
2017	6,045.84	(10.9 %)	1,320.68	(30.2 %)	800.31	(53.4 %)	1.08
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
2018	6,129.91	1.4 %	1,246.98	(5.6 %)	481.24	(39.9 %)	0.65
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
Q3 2019	1,481.56	6.3 %	296.11	45.2 %	146.73	80.5 %	0.20
Q4 2019	1,939.40	8.9 %	464.58	14.8 %	249.08	172.5 %	0.34
2019	6,567.02	7.1 %	1,427.00	14.4 %	620.70	29.0 %	0.84
Q1 2020	2,082.18	22.1 %	561.35	31.7 %	419.22	133.8 %	0.57
Q2 2020	3,532.43	145.3 %	962.62	300.9 %	760.61	1569.0 %	1.03
Q3 2020	1,510.30	1.9 %	379.89	28.3 %	313.74	113.8 %	0.42
Q4 2020	1,268.09	(34.6 %)	218.02	(53.1 %)	77.54	(68.9 %)	0.11
2020	8,393.00	27.8 %	2,121.87	48.7 %	1,571.11	153.1 %	2.13
Q1 2021	1,189.20	(42.9 %)	84.20	(85.0 %)	43.56	(89.6 %)	0.06

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2011	1,991.08	(2.9 %)	339.17	(39.1 %)	287.77	(30.6 %)	0.49
2012	2,464.63	23.8 %	536.85	58.3 %	503.99	75.1 %	0.85
2013	2,846.70	15.5 %	579.56	8.0 %	752.26	49.3 %	1.27
2014	3,626.41	27.4 %	674.23	16.3 %	533.84	(29.0 %)	0.80
2015	7,464.02	105.8 %	2,196.52	225.8 %	1,817.58	240.5 %	2.46
2016	6,788.48	(9.1 %)	1,892.33	(13.8 %)	1,717.87	(5.5 %)	2.33
2017	6,045.84	(10.9 %)	1,320.68	(30.2 %)	800.31	(53.4 %)	1.08
2018	6,129.91	1.4 %	1,246.98	(5.6 %)	481.24	(39.9 %)	0.65
2019	6,567.02	7.1 %	1,427.00	14.4 %	620.70	29.0 %	0.84
2020	8,393.00	27.8 %	2,121.87	48.7 %	1,571.11	153.1 %	2.13

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2012	21.78 %	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 %
2013	20.36 %	34.07 %	23.82 %
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 %
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 %
2015	29.43 %	37.52 %	24.28 %
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 %
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 %
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 %
2018	20.34 %	32.67 %	7.85 %
Q1 2019	21.47 %	33.09 %	8.43 %
Q2 2019	20.17 %	32.47 %	6.29 %
Q3 2019	21.33 %	33.13 %	7.22 %
Q4 2019	21.73 %	33.85 %	9.45 %
2019	21.73 %	33.91 %	9.45 %
Q1 2020	22.50 %	35.23 %	12.39 %
Q2 2020	25.29 %	35.36 %	17.44 %
Q3 2020	26.13 %	36.65 %	19.23 %
Q4 2020	25.28 %	36.45 %	18.72 %
2020	25.28 %	36.45 %	18.72 %
Q1 2021	21.93 %	34.16 %	15.94 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	17.03 %	30.64 %	14.08 %
2012	21.78 %	35.87 %	19.94 %
2013	20.36 %	34.07 %	23.82 %
2014	18.59 %	32.49 %	14.57 %
2015	29.43 %	37.52 %	24.28 %
2016	27.88 %	40.49 %	23.59 %
2017	21.84 %	33.14 %	13.72 %
2018	20.34 %	32.67 %	7.85 %
2019	21.73 %	33.91 %	9.45 %
2020	25.28 %	36.45 %	18.72 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	28.54 %	40.37 %	25.33 %
Q2 2012	27.96 %	36.22 %	28.10 %
Q3 2012	19.07 %	33.47 %	10.82 %
Q4 2012	15.99 %	32.86 %	13.09 %
Q1 2013	16.91 %	32.09 %	14.40 %
Q2 2013	25.82 %	39.09 %	23.74 %
Q3 2013	20.49 %	32.30 %	19.54 %
Q4 2013	18.04 %	32.93 %	35.81 %
Q1 2014	24.31 %	38.24 %	25.30 %
Q2 2014	17.96 %	33.13 %	17.01 %
Q3 2014	14.24 %	28.51 %	10.20 %
Q4 2014	18.35 %	31.21 %	9.43 %
Q1 2015	27.72 %	38.40 %	24.16 %
Q2 2015	24.32 %	33.95 %	18.87 %
Q3 2015	31.88 %	39.12 %	26.54 %
Q4 2015	32.67 %	38.13 %	26.77 %
Q1 2016	38.16 %	47.71 %	33.03 %
Q2 2016	30.26 %	38.10 %	26.54 %
Q3 2016	18.30 %	32.68 %	12.04 %
Q4 2016	20.87 %	41.11 %	18.65 %
Q1 2017	24.66 %	34.47 %	19.55 %
Q2 2017	19.23 %	29.57 %	11.07 %
Q3 2017	16.32 %	36.33 %	4.71 %
Q4 2017	25.52 %	31.94 %	16.46 %
Q1 2018	20.85 %	33.96 %	8.45 %
Q2 2018	22.34 %	33.76 %	12.39 %
Q3 2018	14.63 %	27.09 %	5.83 %
Q4 2018	22.72 %	34.86 %	5.13 %
Q1 2019	24.98 %	35.57 %	10.51 %
Q2 2019	16.67 %	31.03 %	3.16 %
Q3 2019	19.99 %	30.28 %	9.90 %
Q4 2019	23.95 %	37.16 %	12.84 %
Q1 2020	26.96 %	39.86 %	20.13 %
Q2 2020	27.25 %	33.85 %	21.53 %
Q3 2020	25.15 %	38.13 %	20.77 %
Q4 2020	17.19 %	36.11 %	6.11 %
Q1 2021	7.08 %	27.96 %	3.66 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2019	738.28	0.63	0.63	12.14
Q4 2019	738.28	0.84	0.84	12.48
Q1 2020	738.28	1.17	1.17	13.05
Q2 2020	738.28	2.13	2.13	13.54
Q3 2020	738.28	2.36	2.36	13.43
Q4 2020	738.28	2.13	2.13	13.53
Q1 2021	738.28	1.62	1.62	13.60

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	590.63	0.49	0.47	8.57
2012	590.63	0.85	0.83	9.16
2013	590.63	1.27	1.15	9.90
2014	664.45	0.80	0.80	10.59
2015	738.28	2.46	2.45	12.58
2016	738.28	2.33	2.17	13.11
2017	738.28	1.08	1.12	12.86
2018	738.28	0.65	0.65	12.70
2019	738.28	0.84	0.84	12.48
2020	738.28	2.13	2.13	13.53

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2019	24.93	24.93	1.29
Q4 2019	25.39	25.39	1.71
Q1 2020	16.46	16.46	1.47
Q2 2020	8.55	8.55	1.35
Q3 2020	9.53	9.53	1.67
Q4 2020	10.17	10.17	1.60
Q1 2021	12.87	12.87	1.53

Period	P/E	Adjusted P/E	Price/book
2011	16.63	17.08	0.95
2012	14.97	15.35	1.39
2013	14.77	16.38	1.90
2014	25.07	25.33	1.71
2015	10.08	10.11	1.97
2016	9.94	10.67	1.77
2017	15.49	14.95	1.31
2018	27.34	27.34	1.40
2019	25.39	25.39	1.71
2020	10.17	10.17	1.60

Business Segments (Million)

Compared With The

Period	Oil transport	Petrochemical transport	Logistics	Transport of bulk cargo	Non-sectoral items	Eliminations
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	-
Q3 2019	806.07	278.69	300.25	90.92	5.63	-
Q4 2019	1,303.77	291.85	267.25	78.29	(1.75)	-
Q1 2020	1,552.33	324.82	171.91	30.71	2.40	-
Q2 2020	2,849.21	345.19	316.76	29.18	(7.91)	-
Q3 2020	924.64	304.04	243.63	33.15	4.84	-
Q4 2020	764.74	267.89	186.55	44.33	4.58	-
Q1 2021	687.16	277.24	169.84	52.43	2.53	-

Period	Oil transport	Petrochemical transport	Logistics	Transport of bulk cargo	Non-sectoral items	Eliminations
2011	1,227.42	362.54	401.12	-	-	-
2012	1,474.48	440.87	510.11	39.17	-	-
2013	1,506.76	663.87	562.16	113.91	-	-
2014	2,152.26	802.92	550.39	120.84	-	-
2015	5,731.74	774.61	843.11	114.56	-	-
2016	4,797.71	774.15	931.77	271.16	98.75	(85.05)
2017	3,726.24	805.27	1,137.96	362.30	14.07	-
2018	3,692.55	872.17	1,158.02	387.39	19.78	-
2019	3,959.20	1,105.14	1,069.27	420.05	13.35	-
2020	6,090.91	1,241.95	918.85	137.37	3.92	-

Financial Ratios

	Current
Market Cap (M Riyal)	19,859.73
Enterprise Value (EV) (M)	25,562.02
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)	15.64
P/E (TTM)	12.62
Price/book	1.62
Return on Average Assets (%) (TTM)	6.7
Return on Average Equity (%) (TTM)	13.5

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Bahri net profit tumbles 90% to SAR 43.6 mln in Q1 2021

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National Shipping Company of Saudi Arabia (BAHRI)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2021 Q1

Financial Ratios

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Bahri net profit tumbles 90% to SAR 43.6 mln in Q1 2021

View other reports

Share Price

National Shipping Company of Saudi Arabia (BAHRI)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2021

Revenue by Business Segment (Latest) 2021 Q1

Financial Ratios

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رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

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Business Segments (Million)