Bahri Q1 2024 profit falls 8% to SAR 452.9M

National Shipping Company of Saudi Arabia (Bahri) posted an 8% fall in Q1 2024 net profit to SAR 452.9 million from SAR 492.5 million a year earlier.

This was attributed to a 3% year-on-year (YoY) decline in Q1 2024 revenues on lower revenues from some segments, especially oil transportation whose revenues decreased YoY by SAR 121 million, due to weak operating activities. Meanwhile, the chemicals transportation segment's revenues increased YoY by SAR 82 million during the same quarter, due to growth in operating activities and shipping rates for this segment.

This is in addition to a SAR 67 million fall in net profits of the company’s share in the results of equity accounted investees compared with a year earlier.

The logistics segment's gross profit also dropped YoY by SAR 60 million due to the decline in operating activities compared with the same quarter last year.

However, this was offset by a SAR 48 million YoY increase in gross profit in Q1 2024, driven by the improvement in the operating activities of some segments.

Sequentially, the three-month net earnings leapt 12.9% from SAR 401.23 million in Q4 2023, mainly spurred by a 14% hike in revenues and a SAR 147 million increase in gross profit.

Total shareholders’ equity, after minority interest, leapt to SAR 12.29 billion by the end of Q1 2024, from SAR 10.98 billion in the corresponding period of the year before.

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