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.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 7,124.91 | 3,804.54 | (46.6 %) |
| Gross Income | 1,903.85 | 344.57 | (81.9 %) |
| Operating Income | 1,725.72 | 224.38 | (87.0 %) |
| Net Income | 1,493.57 | 100.46 | (93.3 %) |
| Average Shares | 738.28 | 738.28 | - |
| EPS (Riyals) | 2.02 | 0.14 | (93.3 %) |
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.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 1,510.30 | 1,320.58 | (12.6 %) |
| Gross Income | 379.89 | 133.10 | (65.0 %) |
| Operating Income | 307.24 | 89.71 | (70.8 %) |
| Net Income | 313.74 | 17.99 | (94.3 %) |
| Average Shares | 738.28 | 738.28 | - |
| EPS (Riyals) | 0.42 | 0.02 | (94.3 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 1,294.76 | 1,320.58 | 2.0 % |
| Gross Income | 127.27 | 133.10 | 4.6 % |
| Operating Income | 78.63 | 89.71 | 14.1 % |
| Net Income | 38.91 | 17.99 | (53.8 %) |
| Average Shares | 738.28 | 738.28 | - |
| EPS (Riyals) | 0.05 | 0.02 | (53.8 %) |
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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