Bahri 9M 2021 net profit tumbles 93% to SAR 100.5 mln

National Shipping Company of Saudi Arabia (Bahri) reported a net profit after Zakat and tax of SAR 100.5 million for the first nine months of 2021, a plunge of 93% from SAR 1.493 billion in the prior-year period.

The profit slump was attributed to lower revenues from several segments, mainly the oil business, whose revenue fell by 59% year-on-year (YoY) amid a sharp decline in global shipping rates and lower shipping operations.

The profit fall came despite an increase in other income along with a decrease in Zakat and income tax, and lower financing expenses.

In Q3 2021, net profit after Zakat and tax plummeted 94% to SAR 18 million from SAR 313.7 million a year earlier. The company reported an 18% YoY drop in revenues from the oil business. It also cited higher operating expenses.

On a sequential basis, net profit dropped 53.8% from SAR 38.9 million.

Shareholders’ equity, after minority interest, declined by 6% to SAR 9.308 billion as of Sept. 30, 2021, compared to SAR 9.917 billion a year earlier.

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