Bahri’s Q1 2023 net profit up over seven-fold to SAR 492.5 mln

National Shipping Company of Saudi Arabia (Bahri) posted a more than seven-fold jump in Q1 2023 net profit to SAR 492.5 million from SAR 64.9 million a year earlier.

The year-on-year (YoY) profit hike was attributed to increased revenues as a result of the improved performance of multiple sectors, particularly the crude oil and chemicals transport sectors, which saw a SAR 449 million and SAR 377 million uptick in revenues, respectively.

The better sectoral performance came as logistics prices firmed, along with growth in transport operations and the addition of new ships to the company’s marine fleet.

Besides, Bahri's Q1 2023 net profit surged amid a SAR 96 million YoY rise in income from associates.

This came despite financing costs edging up by SAR 117 million during the three-month period, compared with the same quarter a year ago.

Sequentially, the shipping major’s net profit after Zakat and tax contracted by 14.8% from SAR 578.12 million.

Bahri’s net profit declined on a quarterly basis due to a SAR 123 million drop in other revenues because of the SAR 154 million posted in capital gains in Q4 2022, compared to SAR 17 million in the current quarter. This was as a result of the sale of some ships under the company’s fleet modernization plan.

This was despite a quarter-on-quarter decrease of SAR 28 million in general expenses.

Total shareholders’ equity, after minority interest, leapt to SAR 10.98 billion by the end of Q1 2023, from SAR 9.49 billion in the corresponding period of the year before.

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