Financial Results : Bahri’s net profit jumps 205% in nine-months 2015

Bahri’s net profit jumps 205% in nine-months 2015

08/10/2015 Argaam Exclusive

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The National Shipping Company of Saudi Arabia, which operates a fleet of Very Large Crude Carriers (VLCCs) and chemical tankers, reported a net profit of SAR 1.25 billion for the first nine months of 2015; a 204.9 percent increase compared to the same period last year.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 2,362.79 5,370.78 127.3 %
Gross Income 442.40 1,506.89 240.6 %
Operating Income 378.44 1,385.16 266.0 %
Net Income 410.42 1,251.19 204.9 %
Average Shares 830.57 922.85 11.1 %
Earnings Per Share before unusual items (Riyals) 0.49 1.35 174.3 %
EPS (Riyal) 0.49 1.36 174.4 %

 

The rise in net profit was driven by higher operating revenues as a result of the increase in VLCC fleet after the merger with Vela Marine International Ltd., as well as the higher average Time Charter Equivalent (TCE) rate in the crude oil transportation spot market. The company reported a net profit of SAR 510.3 million in Q3 this year, a 501.41 percent surge from SAR 84.85 million in the same quarter last year, according to a bourse statement.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 829.29 1,917.64 131.2 %
Gross Income 118.09 611.25 417.6 %
Operating Income 92.41 545.29 490.1 %
Net Income 84.85 510.30 501.4 %
Average Shares 830.57 922.85 11.1 %
Earnings Per Share before unusual items (Riyal) 0.10 0.55 441.7 %
EPS (Riyal) 0.10 0.55 441.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 423.75 (2.6 %) 137.12 (25.7 %) 118.10 (29.5 %)
Q2 2006 423.35 5.3 % 104.75 (15.4 %) 86.40 (20.3 %)
Q3 2006 432.55 11.3 % 134.31 10.4 % 114.00 9.5 %
Q4 2006 371.64 (1.3 %) 114.09 (7.1 %) 90.44 (11.4 %)
Q1 2007 402.05 (5.1 %) 142.36 3.8 % 122.92 4.1 %
Q2 2007 451.70 6.7 % 152.72 45.8 % 135.15 56.4 %
Q3 2007 431.02 (0.4 %) 119.81 (10.8 %) 98.54 (13.6 %)
Q4 2007 418.53 12.6 % 93.10 (18.4 %) 64.06 (29.2 %)
Q1 2008 584.45 45.4 % 236.25 66.0 % 212.69 73.0 %
Q2 2008 627.52 38.9 % 253.70 66.1 % 229.26 69.6 %
Q3 2008 726.74 68.6 % 344.25 187.3 % 319.64 224.4 %
Q4 2008 655.82 56.7 % 199.31 114.1 % 166.21 159.4 %
Q1 2009 469.30 (19.7 %) 135.34 (42.7 %) 110.42 (48.1 %)
Q2 2009 361.28 (42.4 %) 119.16 (53.0 %) 97.58 (57.4 %)
Q3 2009 399.66 (45.0 %) 98.66 (71.3 %) 77.20 (75.8 %)
Q4 2009 441.78 (32.6 %) 102.53 (48.6 %) 75.46 (54.6 %)
Q1 2010 512.31 9.2 % 158.55 17.1 % 134.97 22.2 %
Q2 2010 557.26 54.2 % 173.36 45.5 % 148.98 52.7 %
Q3 2010 514.48 28.7 % 129.15 30.9 % 105.76 37.0 %
Q4 2010 465.78 5.4 % 96.33 (6.1 %) 63.88 (15.4 %)
Q1 2011 425.93 (16.9 %) 65.50 (58.7 %) 38.10 (71.8 %)
Q2 2011 518.41 (7.0 %) 129.40 (25.4 %) 102.05 (31.5 %)
Q3 2011 479.15 (6.9 %) 61.64 (52.3 %) 36.44 (65.5 %)
Q4 2011 567.60 21.9 % 82.64 (14.2 %) 52.93 (17.1 %)
Q1 2012 632.05 48.4 % 180.41 175.5 % 151.09 296.6 %
Q2 2012 693.64 33.8 % 193.93 49.9 % 145.32 42.4 %
Q3 2012 553.94 15.6 % 105.62 71.3 % 76.75 110.6 %
Q4 2012 585.00 3.1 % 93.54 13.2 % 80.63 52.3 %
Q1 2013 598.66 (5.3 %) 101.23 (43.9 %) 78.19 (48.2 %)
Q2 2013 691.06 (0.4 %) 178.44 (8.0 %) 153.73 5.8 %
Q3 2013 774.40 39.8 % 158.68 50.2 % 132.84 73.1 %
Q4 2013 782.58 33.8 % 141.21 51.0 % 135.68 68.3 %
Q1 2014 771.01 28.8 % 187.40 85.1 % 166.73 113.2 %
Q2 2014 762.50 10.3 % 136.91 (23.3 %) 119.30 (22.4 %)
Q3 2014 829.29 7.1 % 118.09 (25.6 %) 92.41 (30.4 %)
Q4 2014 1,263.62 61.5 % 231.83 64.2 % 196.91 45.1 %
Q1 2015 1,642.46 113.0 % 455.21 142.9 % 427.94 156.7 %
Q2 2015 1,810.69 137.5 % 440.43 221.7 % 411.92 245.3 %
Q3 2015 1,917.64 131.2 % 611.25 417.6 % 545.29 490.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2006 158.60 10.9 % 0.25 15.13 143.47 0.22
Q2 2006 109.04 23.7 % 0.17 15.26 93.78 0.15
Q3 2006 109.28 (6.7 %) 0.17 (0.52) 109.80 0.17
Q4 2006 64.59 (27.9 %) 0.10 1.43 63.15 0.10
Q1 2007 117.38 (26.0 %) 0.18 - 117.38 0.18
Q2 2007 107.98 (1.0 %) 0.15 14.90 93.08 0.13
Q3 2007 112.57 3.0 % 0.15 34.60 77.97 0.11
Q4 2007 84.64 31.1 % 0.11 (8.74) 93.38 0.13
Q1 2008 173.12 47.5 % 0.23 - 173.12 0.23
Q2 2008 198.54 83.9 % 0.27 - 198.54 0.27
Q3 2008 282.20 150.7 % 0.38 - 282.20 0.38
Q4 2008 96.11 13.5 % 0.13 (42.67) 138.77 0.19
Q1 2009 151.05 (12.7 %) 0.20 30.00 121.05 0.16
Q2 2009 107.65 (45.8 %) 0.15 - 107.65 0.15
Q3 2009 56.03 (80.1 %) 0.08 12.05 43.98 0.06
Q4 2009 54.57 (43.2 %) 0.07 - 54.57 0.07
Q1 2010 130.35 (13.7 %) 0.18 - 130.35 0.18
Q2 2010 132.17 22.8 % 0.18 - 132.17 0.18
Q3 2010 97.00 73.1 % 0.13 15.12 81.88 0.11
Q4 2010 55.36 1.4 % 0.07 0.15 55.21 0.07
Q1 2011 59.69 (54.2 %) 0.08 - 59.69 0.08
Q2 2011 91.37 (30.9 %) 0.12 - 91.37 0.12
Q3 2011 23.40 (75.9 %) 0.03 7.50 15.90 0.02
Q4 2011 113.31 104.7 % 0.15 - 113.31 0.15
Q1 2012 160.09 168.2 % 0.22 0.02 160.07 0.22
Q2 2012 207.10 126.7 % 0.28 12.17 194.93 0.26
Q3 2012 60.21 157.3 % 0.08 0.28 59.93 0.08
Q4 2012 76.60 (32.4 %) 0.10 0.05 76.55 0.10
Q1 2013 138.08 (13.7 %) 0.19 51.89 86.19 0.12
Q2 2013 164.57 (20.5 %) 0.22 0.50 164.06 0.22
Q3 2013 169.35 181.3 % 0.23 18.01 151.34 0.20
Q4 2013 280.26 265.9 % 0.38 3.74 280.26 0.38
Q1 2014 195.15 41.3 % 0.23 0.07 195.08 0.23
Q2 2014 130.43 (20.7 %) 0.16 0.76 129.67 0.16
Q3 2014 84.85 (49.9 %) 0.10 0.31 84.55 0.10
Q4 2014 123.42 (56.0 %) 0.15 4.26 119.16 0.14
Q1 2015 398.41 104.2 % 0.43 1.53 396.88 0.43
Q2 2015 342.48 162.6 % 0.37 0.75 341.73 0.37
Q3 2015 510.30 501.4 % 0.55 1.42 508.88 0.55

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 31.77 % 40.16 % 27.27 %
Q2 2006 30.16 % 38.89 % 27.25 %
Q3 2006 30.13 % 39.06 % 26.09 %
Q4 2006 29.69 % 39.32 % 24.84 %
Q1 2007 30.41 % 40.54 % 23.57 %
Q2 2007 32.78 % 43.28 % 23.13 %
Q3 2007 31.94 % 42.76 % 21.23 %
Q4 2007 29.82 % 40.54 % 22.42 %
Q1 2008 31.92 % 42.25 % 23.20 %
Q2 2008 34.09 % 43.97 % 26.34 %
Q3 2008 39.34 % 48.43 % 31.70 %
Q4 2008 39.83 % 48.58 % 30.55 %
Q1 2009 37.61 % 47.27 % 29.87 %
Q2 2009 36.06 % 47.16 % 29.36 %
Q3 2009 29.29 % 43.10 % 21.82 %
Q4 2009 27.25 % 43.15 % 19.57 %
Q1 2010 27.92 % 43.37 % 19.62 %
Q2 2010 27.90 % 41.88 % 18.89 %
Q3 2010 27.82 % 40.77 % 19.69 %
Q4 2010 27.19 % 39.72 % 19.49 %
Q1 2011 23.65 % 36.59 % 16.75 %
Q2 2011 21.84 % 35.00 % 14.97 %
Q3 2011 18.68 % 32.27 % 11.76 %
Q4 2011 17.03 % 30.64 % 14.08 %
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 %
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2006 642.85 0.71 0.67 4.28
Q2 2006 642.85 0.74 0.68 4.43
Q3 2006 642.85 0.73 0.67 4.58
Q4 2006 642.85 0.69 0.64 4.67
Q1 2007 642.85 0.62 0.60 4.86
Q2 2007 738.28 0.54 0.52 6.01
Q3 2007 738.28 0.55 0.48 6.18
Q4 2007 738.28 0.57 0.52 6.31
Q1 2008 738.28 0.65 0.59 6.53
Q2 2008 738.28 0.77 0.74 6.37
Q3 2008 738.28 1.00 1.01 6.75
Q4 2008 738.28 1.02 1.07 6.90
Q1 2009 738.28 0.99 1.00 6.46
Q2 2009 738.28 0.86 0.88 6.61
Q3 2009 738.28 0.56 0.56 6.68
Q4 2009 738.28 0.50 0.44 6.76
Q1 2010 738.28 0.47 0.46 6.93
Q2 2010 738.28 0.51 0.49 6.68
Q3 2010 738.28 0.56 0.54 6.82
Q4 2010 738.28 0.56 0.54 6.89
Q1 2011 738.28 0.47 0.45 6.55
Q2 2011 738.28 0.41 0.39 6.67
Q3 2011 738.28 0.31 0.30 6.70
Q4 2011 738.28 0.39 0.38 6.86
Q1 2012 738.28 0.53 0.52 7.08
Q2 2012 738.28 0.68 0.66 7.14
Q3 2012 738.28 0.73 0.72 7.22
Q4 2012 738.28 0.68 0.67 7.33
Q1 2013 738.28 0.65 0.57 7.09
Q2 2013 738.28 0.60 0.52 7.32
Q3 2013 738.28 0.74 0.65 7.54
Q4 2013 738.28 1.02 0.92 7.92
Q1 2014 830.57 0.97 0.95 7.76
Q2 2014 830.57 0.93 0.91 7.93
Q3 2014 830.57 0.83 0.83 10.42
Q4 2014 830.57 0.64 0.64 10.59
Q1 2015 922.85 0.80 0.79 8.90
Q2 2015 922.85 1.03 1.02 8.89
Q3 2015 922.85 1.49 1.48 9.45

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2006 46.60 48.72 7.67
Q2 2006 43.68 47.16 7.28
Q3 2006 38.37 41.43 6.08
Q4 2006 20.07 21.60 2.95
Q1 2007 18.20 18.97 2.33
Q2 2007 16.03 16.69 1.44
Q3 2007 16.39 18.76 1.45
Q4 2007 23.30 25.79 2.11
Q1 2008 18.94 20.70 1.88
Q2 2008 23.19 24.30 2.81
Q3 2008 11.57 11.44 1.72
Q4 2008 8.67 8.20 1.28
Q1 2009 8.47 8.32 1.29
Q2 2009 10.57 10.37 1.38
Q3 2009 16.49 16.46 1.37
Q4 2009 18.93 21.36 1.40
Q1 2010 22.94 23.76 1.56
Q2 2010 18.90 19.53 1.43
Q3 2010 16.27 16.88 1.34
Q4 2010 16.61 17.25 1.35
Q1 2011 17.56 18.38 1.25
Q2 2011 18.04 19.00 1.11
Q3 2011 20.14 20.83 0.93
Q4 2011 16.63 17.07 0.95
Q1 2012 17.66 18.00 1.31
Q2 2012 14.54 15.13 1.39
Q3 2012 12.67 12.97 1.28
Q4 2012 14.97 15.35 1.39
Q1 2013 16.38 18.91 1.51
Q2 2013 17.48 19.86 1.42
Q3 2013 15.11 17.34 1.49
Q4 2013 14.76 16.29 1.90
Q1 2014 16.45 16.84 2.33
Q2 2014 16.38 16.78 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 21.80 21.96 2.52
Q3 2015 11.12 11.18 1.75

Business Segments (Million)

Compared With The
Period Oil transport Petrochemical transport Logistics Transport of bulk cargo
Q1 2006 183.69 124.86 115.20 -
Q2 2006 164.91 133.26 125.18 -
Q3 2006 193.91 131.88 106.76 -
Q4 2006 166.48 103.25 101.92 -
Q1 2007 179.25 102.22 120.58 -
Q2 2007 205.74 141.02 104.94 -
Q3 2007 179.35 117.77 133.89 -
Q4 2007 176.18 113.36 128.99 -
Q1 2008 301.79 136.57 146.08 -
Q2 2008 316.79 147.78 162.96 -
Q3 2008 406.48 163.41 156.85 -
Q4 2008 327.39 171.18 157.26 -
Q1 2009 259.73 98.59 110.98 -
Q2 2009 221.47 74.65 65.17 -
Q3 2009 259.27 70.09 70.29 -
Q4 2009 299.76 61.38 80.64 -
Q1 2010 380.40 64.56 67.36 -
Q2 2010 405.43 65.45 86.38 -
Q3 2010 348.63 70.53 95.31 -
Q4 2010 311.08 66.20 88.50 -
Q1 2011 298.47 67.73 59.74 -
Q2 2011 317.59 79.48 121.35 -
Q3 2011 303.15 91.61 84.38 -
Q4 2011 308.22 123.73 135.65 -
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

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average 261.10 510.30 508.88

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
OSOOL AND BAKHEET 312.30 510.30 508.88
Albilad Capital 300.00 510.30 508.88
99Hlala Capital 171.00 510.30 508.88


Financial Ratios
Current
Market Cap (M Riyal) 27,593.24
Enterprise Value (EV) (M Riyal) 37,805.02
Shares Outstanding ((M)) 922.85
EPS ( Riyal) (TTM) 2.08
Book Value (BV) ( Riyal) 14.92
Par Value ( Riyal) 10.00
Recurring P/E 15.35
P/E (TTM) 14.35
Price/book 2.00
Return on Average Assets (%) (TTM) 7.0
Return on Average Equity (%) (TTM) 14.6
EV/adj EBITDA 9.80
EV/Revenues 4.16
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Share Price

National Shipping Company of Saudi Arabia
29.90
1.64 5.80 %

National Shipping Company of Saudi Arabia (BAHRI)

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