Bahri 9M 2021 net profit tumbles 93% to SAR 100.5 mln

31/10/2021 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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