Bahri 2021 net profit drops 88% to SAR 192.4 mln; Q4 earnings hit SAR 92 mln

07/02/2022 Argaam Exclusive

National Shipping Company of Saudi Arabia (Bahri) reported a net profit after Zakat and tax of SAR 192.4 million in 2021, declining by 88% from SAR 1.571 billion in 2020.



Financials (M)

Item 2020 2021 Change‬
Revenues 8,393.00 5,351.08 (36.2 %)
Gross Income 2,121.87 556.50 (73.8 %)
Operating Income 1,886.46 388.36 (79.4 %)
Net Income 1,571.11 192.43 (87.8 %)
Average Shares 738.28 738.28 -
EPS (Riyals) 2.13 0.26 (87.8 %)

The company attributed the profit decline to lower revenue from multiple sectors, especially the oil sector, by 49% compared to the same period of last year. This was due to the significant decline in global shipping rates, in addition to lower shipping operations during the current year.

 

Bahri also cited the decrease in financial charges by SAR 74 million and lower provision of doubtful debts by 97%, in addition to the increase in other income.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 1,268.09 1,546.54 22.0 %
Gross Income 218.02 211.93 (2.8 %)
Operating Income 160.74 163.98 2.0 %
Net Income 77.54 91.98 18.6 %
Average Shares 738.28 738.28 -
EPS (Riyals) 0.11 0.12 18.6 %

The company reported a net profit of SAR 92 million in Q4 2021, a 19% year-on-year (YoY) rise, on higher revenue from several sectors, particularly, from the oil sector, caused by higher transportation rates and shipping operations.

 

When compared to previous quarter, Q4 2021 net profit increased significantly on higher revenues.

 

Shareholders' equity, excluding minority interest, at the end of the period amounted to SAR 9.41 billion, compared to SAR 9.98 billion at the end of the same period last year.

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Share Price

National Shipping Company of Saudi Arabia
28.20
(0.30) (1.05 %)

National Shipping Company of Saudi Arabia (BAHRI)

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Financial Ratios
Current
Market Cap (M Riyal) 20,819.50
Enterprise Value (EV) (M) 27,314.73
Shares Outstanding ((M)) 738.28
EPS ( Riyal) (TTM) 2.84
Book Value (BV) ( Riyal) 17.77
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 11.72
P/E (TTM) 9.93
Price/book 1.59
Return on Average Assets (%) (TTM) 8.6
Return on Average Equity (%) (TTM) 17.1
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