Bahri’s 2023 profit up 55% to SAR 1.61B; Q4 at SAR 401.2M

31/01/2024 Argaam Exclusive

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Share Price

National Shipping Company of Saudi Arabia (BAHRI)

National Shipping Company of Saudi Arabia (Bahri) reported a 55% increase in net profit to SAR 1.61 billion for 2023, compared to SAR 1.04 billion in the prior-year period.



Financials (M)

Item 2022 2023 Change‬
Revenues 8,582.58 8,777.50 2.3 %
Gross Income 1,471.13 2,073.13 40.9 %
Operating Income 1,296.27 1,829.39 41.1 %
Net Income 1,040.91 1,613.43 55.0 %
Average Shares 738.28 738.28 0.0 %
EPS (Riyals) 1.41 2.19 55.0 %

The profit rise was spurred by growth in the chemicals transportation segment’s revenue by SAR 665 million due to the increase in operation activities as well as global shipping rates in 2023, compared to a year earlier.

 

Improved operating performance in many segments boosted gross profit by SAR 602 million, supporting the net profit growth. The oil and chemicals transportation segments’ gross profit increased year-on-year (YoY) by SAR 354 million, and SAR 349 million, respectively.

 

Other income surged by SAR 223 million YoY, mainly due to the realized capital gain of SAR 214 million, compared with SAR 160 million in same period of last year from sale of vessels within the fleet modernization plan. In addition, Bahri collected insurance claims of SAR 93 million, versus SAR 17 million last year. It also logged an increase in income from Murabaha deposits by SAR 80 million, from SAR 10 million a year earlier.

 

The company’s share in results of equity accounted investee companies grew by SAR 207 million YoY.

 

On the other hand, finance cost rose by SAR 324 million on higher interest rates during the current period.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 2,717.50 2,023.44 (25.5 %)
Gross Income 684.76 516.43 (24.6 %)
Operating Income 604.24 418.20 (30.8 %)
Net Income 578.12 401.23 (30.6 %)
Average Shares 738.28 738.28 0.0 %
EPS (Riyals) 0.78 0.54 (30.6 %)

The fourth-quarter net profit declined 31% to SAR 401.2 million from SAR 578.12 million in Q4 2022.

 

Sequentially, the Q4 bottom line grew by 78.9% from SAR 224.34 million in Q3 2023.

 

Shareholders’ equity, excluding minority interest, stood at SAR 11.83 billion by the end of December 2023, compared to SAR 10.49 billion in the year-earlier period.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q1 2023 2,375.22 50.4 % 615.24 293.9 % 492.49 658.9 % 0.67
Q2 2023 2,352.18 18.0 % 580.72 135.1 % 495.38 287.0 % 0.67
Q3 2023 2,026.66 (11.6 %) 360.74 (5.9 %) 224.34 (16.9 %) 0.30
Q4 2023 2,023.44 (25.5 %) 516.43 (24.6 %) 401.23 (30.6 %) 0.54
2023 8,777.50 2.3 % 2,073.13 40.9 % 1,613.43 55.0 % 2.19

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2023 20.58 % 33.11 % 13.77 %
Q2 2023 23.25 % 35.46 % 16.29 %
Q3 2023 23.67 % 35.92 % 15.30 %
Q4 2023 23.62 % 36.86 % 14.72 %
2023 23.62 % 36.86 % 14.72 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2023 738.28 1.99 1.75 14.88
Q2 2023 738.28 2.49 2.15 15.21
Q3 2023 738.28 2.42 1.96 15.51
Q4 2023 738.28 2.19 1.75 16.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2023 10.89 12.38 1.46
Q2 2023 9.01 10.42 1.47
Q3 2023 9.78 12.09 1.53
Q4 2023 10.09 12.60 1.38

Business Segments (Million)

Compared With The
Period Oil transport Petrochemical transport Logistics Transport of bulk cargo Non-sectoral items Eliminations
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 -
Q1 2023 1,354.75 718.98 225.41 71.41 4.68 -
Q2 2023 1,390.13 663.74 225.81 70.03 2.48 -
Q3 2023 1,111.57 621.02 220.17 71.10 2.81 -
Q4 2023 939.37 719.46 291.93 68.38 4.30 -

Current
Market Cap (M Riyal) 20,487.27
Enterprise Value (EV) (M) 26,189.56
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) 6.7
Return on Average Equity (%) (TTM) 13.5

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