National Shipping Company of Saudi Arabia (Bahri) posted a net profit after Zakat and tax of SAR 64.9 million for Q1 2022, a rise of 49% compared with SAR 43.6 million a year earlier.
The company attributed the profit growth to a 32.8% increase in revenues, a decline in financial cost by SAR 6.9 million, as well as lower general and administrative expenses.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 1,189.20 | 1,579.07 | 32.8 % |
| Gross Income | 84.20 | 156.17 | 85.5 % |
| Operating Income | 56.05 | 113.24 | 102.0 % |
| Net Income | 43.56 | 64.90 | 49.0 % |
| Average Shares | 738.28 | 738.28 | - |
| EPS (Riyals) | 0.06 | 0.09 | 49.0 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 1,546.54 | 1,579.07 | 2.1 % |
| Gross Income | 211.93 | 156.17 | (26.3 %) |
| Operating Income | 163.98 | 113.24 | (30.9 %) |
| Net Income | 91.98 | 64.90 | (29.4 %) |
| Average Shares | 738.28 | 738.28 | - |
| EPS (Riyals) | 0.12 | 0.09 | (29.4 %) |
On a sequential basis, Q1 2022 net profit declined 29.4% from SAR 91.98 million in Q4 2021, mainly due to higher operating costs.
Total shareholders’ equity, excluding minority interest, reached SAR 9.490 billion at the end of Q1 2022, down 5.47% compared with SAR 10.040 billion in year earlier period.
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