The National Shipping Company of Saudi Arabia’s (Bahri) Q4 net profit of SAR 327.8 million came below Alistithmar Capital’s estimate of SAR 454 million, the brokerage company said in an earnings review on Tuesday.
Alistithmar Capital said it will reconsider its estimates for shipping rates due to the higher prices and an increase in new shipping facilities.
Bahri’s cash flow will reduce its leverage and increase dividends to SAR 3 a share, the report said.
Alistithmar Capital has revised its rating from “buy” to “aggregate” with a target price of SAR 50 per share from SAR 63.
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