Bahri H1 profit surges to SAR 987.9 mln; Q2 at SAR 495.4 mln

National Shipping Company of Saudi Arabia’s (Bahri) net profit soared to SAR 987.9 million in H1 2023, compared to SAR 192.9 million a year earlier. 

Bahri attributed the increase in H1 2023 net profit to higher revenues driven by improvements in the performance of multiple segments, especially oil transportation, whose revenues increased by SAR 703 million.

The chemicals transportation segment's revenues rose by SAR 586 million due to the improvement in shipping rates during the current period compared with the same period last year.

The group's share in the results of equity accounted investee companies grew by SAR 164 million in the six-month period.

Other income also rose by SAR 115 million, supported by the realized capital gain of SAR 89 million from the disposal of vessels within the fleet modernization plan.

Meanwhile, the finance cost increased YoY by SAR 217 million.

The second-quarter net profit surged to SAR 495.38 million from SAR 128 million in Q2 2022, mainly due to higher revenues despite an increase in finance costs.

Compared to Q1 2023, the company’s net profit was up 0.6% from SAR 492.4 million.

Shareholders’ equity, after minority interest, reached SAR 11.22 billion by the end of H1 2023, up from SAR 9.64 billion in the year-earlier period.

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