Bahri Q1 profit jumps 54% to SAR 612 mln

18/04/2016 Argaam Exclusive

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National Shipping Company of Saudi Arabia (BAHRI)

 

The National Shipping Company of Saudi Arabia (Bahri) reported a net profit of SAR 612 million for the first quarter of 2016, a 53.6 percent year-on-year (YoY) rise mainly attributed to higher operating revenue, and an increase in average time charter equivalent (TCE) rate.

 

Q1 profit was up 8 percent when compared to the previous quarter due to higher gross profit and an increase in the number of VLCCs.



Current Quarter Comparison (M)

Compared With The
Item Q1 2015 Q1 2016 Change‬
Revenues 1,642.46 1,957.74 19.2 %
Gross Income 455.21 747.13 64.1 %
Operating Income 427.94 709.67 65.8 %
Net Income 398.41 612.92 53.8 %
Average Shares 738.28 738.28 -
EPS (Riyals) 0.54 0.83 53.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2007 402.05 (5.1 %) 142.36 3.8 % 117.38 (26.0 %) 0.23
Q2 2007 451.70 6.7 % 152.72 45.8 % 107.98 (1.0 %) 0.18
Q3 2007 431.02 (0.4 %) 119.81 (10.8 %) 112.57 3.0 % 0.19
Q4 2007 418.53 12.6 % 93.10 (18.4 %) 84.64 31.1 % 0.14
Q1 2008 584.45 45.4 % 236.25 66.0 % 173.12 47.5 % 0.29
Q2 2008 627.52 38.9 % 253.70 66.1 % 198.54 83.9 % 0.34
Q3 2008 726.74 68.6 % 344.25 187.3 % 282.20 150.7 % 0.48
Q4 2008 655.82 56.7 % 199.31 114.1 % 96.11 13.5 % 0.16
Q1 2009 469.30 (19.7 %) 135.34 (42.7 %) 151.05 (12.7 %) 0.26
Q2 2009 361.28 (42.4 %) 119.16 (53.0 %) 107.65 (45.8 %) 0.18
Q3 2009 399.66 (45.0 %) 98.66 (71.3 %) 56.03 (80.1 %) 0.09
Q4 2009 441.78 (32.6 %) 102.53 (48.6 %) 54.57 (43.2 %) 0.09
Q1 2010 512.31 9.2 % 158.55 17.1 % 130.35 (13.7 %) 0.22
Q2 2010 557.26 54.2 % 173.36 45.5 % 132.17 22.8 % 0.22
Q3 2010 514.48 28.7 % 129.15 30.9 % 97.00 73.1 % 0.16
Q4 2010 465.78 5.4 % 96.33 (6.1 %) 55.36 1.4 % 0.09
Q1 2011 425.93 (16.9 %) 65.50 (58.7 %) 59.69 (54.2 %) 0.10
Q2 2011 518.41 (7.0 %) 129.40 (25.4 %) 91.37 (30.9 %) 0.15
Q3 2011 479.15 (6.9 %) 61.64 (52.3 %) 23.40 (75.9 %) 0.04
Q4 2011 567.60 21.9 % 82.64 (14.2 %) 113.31 104.7 % 0.19
Q1 2012 632.05 48.4 % 180.41 175.5 % 160.09 168.2 % 0.27
Q2 2012 693.64 33.8 % 193.93 49.9 % 207.10 126.7 % 0.35
Q3 2012 553.94 15.6 % 105.62 71.3 % 60.21 157.3 % 0.10
Q4 2012 585.00 3.1 % 93.54 13.2 % 76.60 (32.4 %) 0.13
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 514.28 0.78 0.75 6.07
Q2 2007 590.63 0.68 0.65 7.51
Q3 2007 590.63 0.68 0.60 7.72
Q4 2007 590.63 0.72 0.65 7.89
Q1 2008 590.63 0.81 0.74 8.17
Q2 2008 590.63 0.96 0.92 7.96
Q3 2008 590.63 1.25 1.27 8.44
Q4 2008 590.63 1.27 1.34 8.62
Q1 2009 590.63 1.23 1.25 8.07
Q2 2009 590.63 1.08 1.10 8.26
Q3 2009 590.63 0.70 0.70 8.35
Q4 2009 590.63 0.63 0.55 8.44
Q1 2010 590.63 0.59 0.57 8.67
Q2 2010 590.63 0.63 0.61 8.36
Q3 2010 590.63 0.70 0.68 8.52
Q4 2010 590.63 0.70 0.68 8.62
Q1 2011 590.63 0.58 0.56 8.18
Q2 2011 590.63 0.51 0.49 8.34
Q3 2011 590.63 0.39 0.38 8.38
Q4 2011 590.63 0.49 0.47 8.57
Q1 2012 590.63 0.66 0.64 8.85
Q2 2012 590.63 0.85 0.82 8.93
Q3 2012 590.63 0.92 0.89 9.03
Q4 2012 590.63 0.85 0.83 9.16
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 18.21 18.97 2.33
Q2 2007 16.03 16.70 1.44
Q3 2007 16.39 18.77 1.45
Q4 2007 23.30 25.79 2.11
Q1 2008 18.94 20.71 1.88
Q2 2008 23.20 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 16.47 1.37
Q4 2009 18.93 21.37 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 16.62 17.25 1.35
Q1 2011 17.57 18.38 1.25
Q2 2011 18.05 19.00 1.11
Q3 2011 20.14 20.83 0.94
Q4 2011 16.63 17.08 0.95
Q1 2012 17.66 18.01 1.31
Q2 2012 14.54 15.13 1.39
Q3 2012 12.68 12.98 1.29
Q4 2012 14.97 15.35 1.39
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

Business Segments (Million)

Compared With The
Period Oil transport Petrochemical transport Logistics Transport of bulk cargo Non-sectoral items Eliminations
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 - -
Q4 2015 1,636.53 181.50 245.11 30.09 - -
Q1 2016 1,540.94 161.52 208.09 47.18 - -

Analysts Estimates (Million)

Item Q1 2016 (e) Q1 2016 (a) Change‬
Average 485.88 612.92 26.15 %

Estimates vs Actual (Million)

Item Q1 2016 (e) Q1 2016 (a) Change
Alistithmar Capital 564.00 612.92 8.7 %
Albilad Capital 499.00 612.92 22.8 %
KASB Capital 466.80 612.92 31.3 %
OSOOL AND BAKHEET 451.60 612.92 35.7 %
Al Rajhi Capital 448.00 612.92 36.8 %

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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