Bahri’s net profit drops 58% in 9M 2017 as lower shipping rates weigh

24/10/2017 Argaam Exclusive

 

National Shipping Company of Saudi Arabia’s (Bahri) net profit for the first nine months of 2017 declined 58 percent year-on-year (YoY) to SAR 593.28 million mainly due to lower spot market rates, increase in bunker costs and a decrease in the company’s share in profit of Petredec Ltd., which is 30.3 percent owned by Bahri.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 5,167.11 4,612.29 (10.7 %)
Gross Income 1,554.00 954.83 (38.6 %)
Operating Income 1,458.83 842.48 (42.2 %)
Net Income 1,415.41 593.28 (58.1 %)
Average Shares 738.28 738.28 -
EPS (Riyals) 1.92 0.80 (58.1 %)

The third-quarter net profit fell by 81 percent to SAR 60.5 million compared to the same period last year.  

 

The Q3 net profit dropped 61 percent when compared to the previous quarter on lower spot market rates, particularly in oil transportation.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 1,374.13 1,283.62 (6.6 %)
Gross Income 251.47 209.54 (16.7 %)
Operating Income 226.20 173.22 (23.4 %)
Net Income 315.38 60.51 (80.8 %)
Average Shares 738.28 738.28 -
EPS (Riyals) 0.43 0.08 (80.8 %)

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Share Price

National Shipping Company of Saudi Arabia
28.90
0.30 1.05 %

National Shipping Company of Saudi Arabia (BAHRI)

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Financial Ratios
Current
Market Cap (M Riyal) 21,336.29
Enterprise Value (EV) (M) 27,831.53
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) 12.01
P/E (TTM) 10.18
Price/book 1.63
Return on Average Assets (%) (TTM) 8.6
Return on Average Equity (%) (TTM) 17.1
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2015 2,110.78 67.0 % 689.63 197.5 % 594.87 202.1 %
Q1 2016 1,957.74 19.2 % 747.13 64.1 % 709.67 65.8 %
Q2 2016 1,835.25 1.4 % 555.39 26.1 % 522.95 27.0 %
Q3 2016 1,374.13 (28.3 %) 251.47 (58.9 %) 226.20 (58.5 %)
Q4 2016 1,621.37 (23.2 %) 338.33 (50.9 %) 322.44 (45.8 %)
Q1 2017 1,937.84 (1.0 %) 477.79 (36.0 %) 438.50 (38.2 %)
Q2 2017 1,390.83 (24.2 %) 267.50 (51.8 %) 230.75 (55.9 %)
Q3 2017 1,283.62 (6.6 %) 209.54 (16.7 %) 173.22 (23.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2008 173.12 47.5 % 0.29 - 173.12 0.29
Q2 2008 198.54 83.9 % 0.34 - 198.54 0.34
Q3 2008 282.20 150.7 % 0.48 - 282.20 0.48
Q4 2008 96.11 13.5 % 0.16 (42.67) 138.77 0.23
Q1 2009 151.05 (12.7 %) 0.26 30.00 121.05 0.20
Q2 2009 107.65 (45.8 %) 0.18 - 107.65 0.18
Q3 2009 56.03 (80.1 %) 0.09 12.05 43.98 0.07
Q4 2009 54.57 (43.2 %) 0.09 - 54.57 0.09
Q1 2010 130.35 (13.7 %) 0.22 - 130.35 0.22
Q2 2010 132.17 22.8 % 0.22 - 132.17 0.22
Q3 2010 97.00 73.1 % 0.16 15.12 81.88 0.14
Q4 2010 55.36 1.4 % 0.09 0.15 55.21 0.09
Q1 2011 59.69 (54.2 %) 0.10 - 59.69 0.10
Q2 2011 91.37 (30.9 %) 0.15 - 91.37 0.15
Q3 2011 23.40 (75.9 %) 0.04 7.50 15.90 0.03
Q4 2011 113.31 104.7 % 0.19 - 113.31 0.19
Q1 2012 160.09 168.2 % 0.27 0.02 160.07 0.27
Q2 2012 207.10 126.7 % 0.35 12.17 194.93 0.33
Q3 2012 60.21 157.3 % 0.10 0.28 59.93 0.10
Q4 2012 76.60 (32.4 %) 0.13 0.05 76.55 0.13
Q1 2013 138.08 (13.7 %) 0.23 51.89 86.19 0.15
Q2 2013 164.57 (20.5 %) 0.28 0.50 164.06 0.28
Q3 2013 169.35 181.3 % 0.29 18.01 151.34 0.26
Q4 2013 280.26 265.9 % 0.47 3.74 280.26 0.47
Q1 2014 195.15 41.3 % 0.29 0.07 195.08 0.29
Q2 2014 130.43 (20.7 %) 0.20 0.76 129.67 0.20
Q3 2014 84.85 (49.9 %) 0.13 0.31 84.55 0.13
Q4 2014 123.42 (56.0 %) 0.19 4.26 119.16 0.18
Q1 2015 398.41 104.2 % 0.54 1.53 396.88 0.54
Q2 2015 342.48 162.6 % 0.46 0.75 341.73 0.46
Q3 2015 510.30 501.4 % 0.69 1.42 508.88 0.69
Q4 2015 566.40 358.9 % 0.77 1.41 564.98 0.77
Q1 2016 612.92 53.8 % 0.83 (33.81) 646.74 0.88
Q2 2016 487.10 42.2 % 0.66 - 487.10 0.66
Q3 2016 315.38 (38.2 %) 0.43 150.00 165.38 0.22
Q4 2016 302.47 (46.6 %) 0.41 - 302.47 0.41
Q1 2017 378.86 (38.2 %) 0.51 - 378.86 0.51
Q2 2017 153.91 (68.4 %) 0.21 - 153.91 0.21
Q3 2017 60.51 (80.8 %) 0.08 - 60.51 0.08

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2016 33.29 % 40.77 % 28.23 %
Q3 2016 30.83 % 39.67 % 25.61 %
Q4 2016 27.88 % 40.49 % 23.59 %
Q1 2017 23.98 % 36.68 % 19.71 %
Q2 2017 21.11 % 34.70 % 15.82 %
Q3 2017 20.74 % 35.49 % 14.37 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2016 738.28 2.95 2.99 12.75
Q3 2016 738.28 2.68 2.53 13.18
Q4 2016 738.28 2.33 2.17 13.11
Q1 2017 738.28 2.01 1.81 12.29
Q2 2017 738.28 1.56 1.36 12.50
Q3 2017 738.28 1.21 1.21 12.58

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2016 6.96 6.87 1.61
Q3 2016 6.04 6.42 1.23
Q4 2016 9.94 10.67 1.77
Q1 2017 9.47 10.53 1.55
Q2 2017 12.79 14.71 1.60
Q3 2017 13.84 13.84 1.33

Business Segments (Million)

Compared With The
Period Oil transport Petrochemical transport Logistics Transport of bulk cargo Other Eliminations
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 - -
Q2 2016 1,370.17 194.70 215.25 55.14 - -
Q3 2016 911.03 222.40 164.63 76.07 - -
Q4 2016 975.57 195.53 343.81 92.77 - -
Q1 2017 1,365.55 200.18 272.26 99.85 - -
Q2 2017 800.48 193.65 285.22 111.49 - -
Q3 2017 750.95 195.73 261.68 75.27 - -

Analysts Estimates (Million)

Item Q3 2017 (e) Q3 2017 (a) Change‬
Average 153.97 60.51 (60.7 %)

Estimates vs Actual (Million)

Item Q3 2017 (e) Q3 2017 (a) Change
Alistithmar Capital 146.91 60.51 (58.8) %
Albilad Capital 150.00 60.51 (59.7) %
Al Rajhi Capital 165.00 60.51 (63.3) %

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