Bahri 9M 2024 net profit rises to SAR 1.69B, Q3 at SAR 509M

National Shipping Company of Saudi Arabia (Bahri) reported a net profit of SAR 1.69 billion for the first nine months of 2024, compared with SAR 1.21 billion in the year-earlier period.

The company's revenue from various segments increased, particularly chemicals transportation whose revenue grew by SAR 502 million, followed by the bulk goods transportation with a revenue increase of SAR 162 million, and the logistics services segment with SAR 101 million.

Bahri reported an increase in gross profit of SAR 573 million, driven by improvements in both operating performance and global shipping rates.

Additionally, profits from the company’s share in equity-accounted investee companies rose by SAR 48 million during the current period compared to the year-ago period.

Q3 2024 net profit surged 126.9% to SAR 509.02 million, compared to SAR 224.34 million in Q3 2023.

Q3 2024 revenues increased due to improved operating performance and global shipping rates. The chemicals transportation segment’s revenues increased by SAR 164 million, bulk goods transportation (SAR 92 million), while logistics services (SAR 52 million) during the current quarter compared with Q3 2023.

The chemicals transportation segment’s gross profit increased by SAR 164 million, bulk goods transportation gained SAR 92 million, while logistics services reported SAR 52 million during the current quarter compared with Q3 2023. On a quarterly basis, net earnings declined 30.6% from SAR 733.19 million in Q2 2024.

Total shareholders’ equity, after minority interest, reached SAR 13.17 billion by Sept. 30, 2024, compared to SAR 11.45 billion in the prior-year period.

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