Bahri’s net profit rises to SAR 1.04 bln in 2022; Q4 at SAR 578.1 mln

30/01/2023 Argaam Exclusive

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National Shipping Company of Saudi Arabia (BAHRI)

National Shipping Company of Saudi Arabia (Bahri) posted a net profit after Zakat and tax of SAR 1.04 billion for 2022, compared to SAR 192.40 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 5,351.08 8,582.58 60.4 %
Gross Income 556.50 1,471.13 164.4 %
Operating Income 388.36 1,296.27 233.8 %
Net Income 192.43 1,040.91 440.9 %
Average Shares 738.28 738.28 0.0 %
EPS (Riyals) 0.26 1.41 440.9 %

The profit growth was driven by an increase in revenues due to the improvement in the performance of all segments. The crude oil transportation segment’s revenue rose by SAR 2.01 billion. The chemicals transportation segment reported higher revenue of SAR 833 million, driven by improved shipping rates, increased shipping operations and inclusion of new vessels to its fleet.

 

Meanwhile, other income increased by SAR 161 million during the current period year-on-year, supported by the realization of capital gains of SAR 160 million from the disposal of vessels within the fleet modernization plan.

 

The profit increase was, however, offset by higher finance costs, which rose by SAR 117 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 1,546.54 2,717.50 75.7 %
Gross Income 211.93 684.76 223.1 %
Operating Income 163.98 604.24 268.5 %
Net Income 91.98 578.12 528.5 %
Average Shares 738.28 738.28 0.0 %
EPS (Riyals) 0.12 0.78 528.6 %

The fourth-quarter net profit after Zakat and tax grew more than five folds to SAR 578.12 million, from SAR 91.98 million in Q4 2021.

 

Compared to the previous quarter, the shipping major’s net profit after Zakat and tax increased 114.2% from SAR 269.87 million.

 

Total shareholders’ equity, excluding minority interest, rose to SAR 10.49 billion as of Dec. 31, 2022, from SAR 9.41 billion in 2021.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
Q1 2021 1,189.20 (42.9 %) 84.20 (85.0 %) 43.56 (89.6 %) 0.06
Q2 2021 1,294.76 (63.3 %) 127.27 (86.8 %) 38.91 (94.9 %) 0.05
Q3 2021 1,320.58 (12.6 %) 133.10 (65.0 %) 17.99 (94.3 %) 0.02
Q4 2021 1,546.54 22.0 % 211.93 (2.8 %) 91.98 18.6 % 0.12
Q1 2022 1,579.07 32.8 % 156.17 85.5 % 64.90 49.0 % 0.09
Q2 2022 1,993.28 53.9 % 246.96 94.0 % 128.02 229.0 % 0.17
Q3 2022 2,292.72 73.6 % 383.24 187.9 % 269.87 1400.0 % 0.37
Q4 2022 2,717.50 75.7 % 684.76 223.1 % 578.12 528.5 % 0.78
2022 8,582.58 60.4 % 1,471.13 164.4 % 1,040.91 440.9 % 1.41

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2019 21.33 % 33.13 % 7.22 %
Q4 2019 21.73 % 33.85 % 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 %
Q1 2021 21.93 % 34.16 % 15.94 %
Q2 2021 15.38 % 33.25 % 9.00 %
Q3 2021 11.09 % 30.99 % 3.51 %
Q4 2021 10.40 % 29.66 % 3.60 %
Q1 2022 10.95 % 29.32 % 3.72 %
Q2 2022 11.62 % 28.28 % 4.70 %
Q3 2022 13.47 % 28.99 % 7.41 %
Q4 2022 17.14 % 30.63 % 10.27 %
2022 17.14 % 30.63 % 10.27 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2021 738.28 0.64 0.64 13.12
Q3 2021 738.28 0.24 0.24 12.61
Q4 2021 738.28 0.26 0.26 12.75
Q1 2022 738.28 0.29 0.29 12.85
Q2 2022 738.28 0.41 0.41 13.07
Q3 2022 738.28 0.75 0.74 13.43
Q4 2022 738.28 1.41 1.19 14.21

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2021 32.51 32.51 1.59
Q3 2021 More than 50 More than 50 1.62
Q4 2021 More than 50 More than 50 1.36
Q1 2022 More than 50 More than 50 1.48
Q2 2022 32.31 32.31 1.01
Q3 2022 24.31 24.56 1.36
Q4 2022 13.95 16.48 1.38

Business Segments (Million)

Compared With The
Period Oil transport Petrochemical transport Logistics Transport of bulk cargo Non-sectoral items Eliminations
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 -
Q2 2021 747.62 259.41 226.75 57.87 3.11 -
Q3 2021 754.32 304.29 190.25 67.62 4.10 -
Q4 2021 913.36 333.82 221.89 75.57 1.83 -
Q1 2022 906.10 341.90 263.60 65.11 2.37 -
Q2 2022 1,135.45 455.11 319.27 80.60 2.86 -
Q3 2022 1,400.52 583.54 229.79 75.99 2.89 -
Q4 2022 1,677.15 677.55 286.51 74.69 1.61 -

Current
Market Cap (M Riyal) 20,487.27
Enterprise Value (EV) (M) 26,047.09
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) 6.8
Return on Average Equity (%) (TTM) 13.5

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