Bahri’s FY16 net profit falls 3% YoY

16/01/2017 Argaam Exclusive

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The National Shipping Co. of Saudi Arabia (Bahri) reported a net profit of SAR 1.76 billion for fiscal year 2016, a 3.2 percent year-on-year (YoY) drop on lower spot market rates, a decrease on the company’s share in profits of Petredec Limited, and higher financing charges because of an increase in SAIBOR (Saudi Arabia Interbank Offered Rate) and LIBOR (London Interbank Offered Rate).

The company in 2016 expanded its fleet by adding 10 vessels, which limited the impact of lower spot markets rates.

Financials (M)

Item	2015	2016	Change‬
Revenues	7,464.02	6,788.48	(9.1 %)
Gross Income	2,196.52	1,892.33	(13.8 %)
Operating Income	1,980.03	1,781.27	(10.0 %)
Net Income	1,817.58	1,717.87	(5.5 %)
Average Shares	738.28	738.28	-
Earnings Per Share before unusual items (Riyals)	2.45	2.17	(11.6 %)
EPS (Riyals)	2.46	2.33	(5.5 %)

Net profit for the fourth quarter fell 42 percent YoY to SAR 327.8 million, mainly because of lower spot market rates and higher bunker costs.

The Q4 profit was up 3 percent compared to the previous quarter due to higher operating revenues, improvement in general cargo transportation sector, and a higher share in profits of Petredec Limited during the current quarter compared to the previous.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2015	Q4 2016	Change‬
Revenues	2,110.78	1,621.37	(23.2 %)
Gross Income	689.63	338.33	(50.9 %)
Operating Income	594.87	322.44	(45.8 %)
Net Income	566.40	302.47	(46.6 %)
Average Shares	738.28	738.28	-
Earnings Per Share before unusual items (Riyals)	0.77	0.41	(46.5 %)
EPS (Riyals)	0.77	0.41	(46.6 %)

Item	Q3 2016	Q4 2016	Change‬
Revenues	1,374.13	1,621.37	18.0 %
Gross Income	251.47	338.33	34.5 %
Operating Income	226.20	322.44	42.5 %
Net Income	315.38	302.47	(4.1 %)
Average Shares	738.28	738.28	-
Earnings Per Share before unusual items (Riyals)	0.22	0.41	82.9 %
EPS (Riyals)	0.43	0.41	(4.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2007	402.05	(5.1 %)	142.36	3.8 %	122.92	4.1 %
Q2 2007	451.70	6.7 %	152.72	45.8 %	135.15	56.4 %
Q3 2007	431.02	(0.4 %)	119.81	(10.8 %)	98.54	(13.6 %)
Q4 2007	418.53	12.6 %	93.10	(18.4 %)	64.06	(29.2 %)
2007	1,703.29	3.1 %	507.98	3.6 %	420.68	2.9 %
Q1 2008	584.45	45.4 %	236.25	66.0 %	212.69	73.0 %
Q2 2008	627.52	38.9 %	253.70	66.1 %	229.26	69.6 %
Q3 2008	726.74	68.6 %	344.25	187.3 %	319.64	224.4 %
Q4 2008	655.82	56.7 %	199.31	114.1 %	166.21	159.4 %
2008	2,594.53	52.3 %	1,033.51	103.5 %	927.79	120.5 %
Q1 2009	469.30	(19.7 %)	135.34	(42.7 %)	110.42	(48.1 %)
Q2 2009	361.28	(42.4 %)	119.16	(53.0 %)	97.58	(57.4 %)
Q3 2009	399.66	(45.0 %)	98.66	(71.3 %)	77.20	(75.8 %)
Q4 2009	441.78	(32.6 %)	102.53	(48.6 %)	75.46	(54.6 %)
2009	1,672.02	(35.6 %)	455.68	(55.9 %)	360.66	(61.1 %)
Q1 2010	512.31	9.2 %	158.55	17.1 %	134.97	22.2 %
Q2 2010	557.26	54.2 %	173.36	45.5 %	148.98	52.7 %
Q3 2010	514.48	28.7 %	129.15	30.9 %	105.76	37.0 %
Q4 2010	465.78	5.4 %	96.33	(6.1 %)	63.88	(15.4 %)
2010	2,049.83	22.6 %	557.38	22.3 %	453.58	25.8 %
Q1 2011	425.93	(16.9 %)	65.50	(58.7 %)	38.10	(71.8 %)
Q2 2011	518.41	(7.0 %)	129.40	(25.4 %)	102.05	(31.5 %)
Q3 2011	479.15	(6.9 %)	61.64	(52.3 %)	36.44	(65.5 %)
Q4 2011	567.60	21.9 %	82.64	(14.2 %)	52.93	(17.1 %)
2011	1,991.08	(2.9 %)	339.17	(39.1 %)	229.51	(49.4 %)
Q1 2012	632.05	48.4 %	180.41	175.5 %	151.09	296.6 %
Q2 2012	693.64	33.8 %	193.93	49.9 %	145.32	42.4 %
Q3 2012	553.94	15.6 %	105.62	71.3 %	76.75	110.6 %
Q4 2012	585.00	3.1 %	93.54	13.2 %	80.63	52.3 %
2012	2,464.63	23.8 %	536.85	58.3 %	453.79	97.7 %
Q1 2013	598.66	(5.3 %)	101.23	(43.9 %)	78.19	(48.2 %)
Q2 2013	691.06	(0.4 %)	178.44	(8.0 %)	153.73	5.8 %
Q3 2013	774.40	39.8 %	158.68	50.2 %	132.84	73.1 %
Q4 2013	782.58	33.8 %	141.21	51.0 %	135.68	68.3 %
2013	2,846.70	15.5 %	579.56	8.0 %	500.44	10.3 %
Q1 2014	771.01	28.8 %	187.40	85.1 %	166.73	113.2 %
Q2 2014	762.50	10.3 %	136.91	(23.3 %)	119.30	(22.4 %)
Q3 2014	829.29	7.1 %	118.09	(25.6 %)	92.41	(30.4 %)
Q4 2014	1,263.62	61.5 %	231.83	64.2 %	196.91	45.1 %
2014	3,626.41	27.4 %	674.23	16.3 %	575.35	15.0 %
Q1 2015	1,642.46	113.0 %	455.21	142.9 %	427.94	156.7 %
Q2 2015	1,810.69	137.5 %	440.43	221.7 %	411.92	245.3 %
Q3 2015	1,917.64	131.2 %	611.25	417.6 %	545.29	490.1 %
Q4 2015	2,110.78	67.0 %	689.63	197.5 %	594.87	202.1 %
2015	7,464.02	105.8 %	2,196.52	225.8 %	1,980.03	244.1 %
Q1 2016	1,957.74	19.2 %	747.13	64.1 %	709.67	65.8 %
Q2 2016	1,835.25	1.4 %	555.39	26.1 %	522.95	27.0 %
Q3 2016	1,374.13	(28.3 %)	251.47	(58.9 %)	226.20	(58.5 %)
Q4 2016	1,621.37	(23.2 %)	338.33	(50.9 %)	322.44	(45.8 %)
2016	6,788.48	(9.1 %)	1,892.33	(13.8 %)	1,781.27	(10.0 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2007	1,703.29	3.1 %	507.98	3.6 %	420.68	2.9 %
2008	2,594.53	52.3 %	1,033.51	103.5 %	927.79	120.5 %
2009	1,672.02	(35.6 %)	455.68	(55.9 %)	360.66	(61.1 %)
2010	2,049.83	22.6 %	557.38	22.3 %	453.58	25.8 %
2011	1,991.08	(2.9 %)	339.17	(39.1 %)	229.51	(49.4 %)
2012	2,464.63	23.8 %	536.85	58.3 %	453.79	97.7 %
2013	2,846.70	15.5 %	579.56	8.0 %	500.44	10.3 %
2014	3,626.41	27.4 %	674.23	16.3 %	575.35	15.0 %
2015	7,464.02	105.8 %	2,196.52	225.8 %	1,980.03	244.1 %
2016	6,788.48	(9.1 %)	1,892.33	(13.8 %)	1,781.27	(10.0 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
Q1 2007	117.38	(26.0 %)	0.23	-	117.38	0.23
Q2 2007	107.98	(1.0 %)	0.18	14.90	93.08	0.16
Q3 2007	112.57	3.0 %	0.19	34.60	77.97	0.13
Q4 2007	84.64	31.1 %	0.14	(8.74)	93.38	0.16
2007	422.58	(4.3 %)	0.72	40.76	381.82	0.65
Q1 2008	173.12	47.5 %	0.29	-	173.12	0.29
Q2 2008	198.54	83.9 %	0.34	-	198.54	0.34
Q3 2008	282.20	150.7 %	0.48	-	282.20	0.48
Q4 2008	96.11	13.5 %	0.16	(42.67)	138.77	0.23
2008	749.97	77.5 %	1.27	(42.67)	792.64	1.34
Q1 2009	151.05	(12.7 %)	0.26	30.00	121.05	0.20
Q2 2009	107.65	(45.8 %)	0.18	-	107.65	0.18
Q3 2009	56.03	(80.1 %)	0.09	12.05	43.98	0.07
Q4 2009	54.57	(43.2 %)	0.09	-	54.57	0.09
2009	369.30	(50.8 %)	0.63	42.05	327.25	0.55
Q1 2010	130.35	(13.7 %)	0.22	-	130.35	0.22
Q2 2010	132.17	22.8 %	0.22	-	132.17	0.22
Q3 2010	97.00	73.1 %	0.16	15.12	81.88	0.14
Q4 2010	55.36	1.4 %	0.09	0.15	55.21	0.09
2010	414.88	12.3 %	0.70	15.27	399.60	0.68
Q1 2011	59.69	(54.2 %)	0.10	-	59.69	0.10
Q2 2011	91.37	(30.9 %)	0.15	-	91.37	0.15
Q3 2011	23.40	(75.9 %)	0.04	7.50	15.90	0.03
Q4 2011	113.31	104.7 %	0.19	-	113.31	0.19
2011	287.77	(30.6 %)	0.49	7.50	280.27	0.47
Q1 2012	160.09	168.2 %	0.27	0.02	160.07	0.27
Q2 2012	207.10	126.7 %	0.35	12.17	194.93	0.33
Q3 2012	60.21	157.3 %	0.10	0.28	59.93	0.10
Q4 2012	76.60	(32.4 %)	0.13	0.05	76.55	0.13
2012	503.99	75.1 %	0.85	12.51	491.49	0.83
Q1 2013	138.08	(13.7 %)	0.23	51.89	86.19	0.15
Q2 2013	164.57	(20.5 %)	0.28	0.50	164.06	0.28
Q3 2013	169.35	181.3 %	0.29	18.01	151.34	0.26
Q4 2013	280.26	265.9 %	0.47	3.74	280.26	0.47
2013	752.26	49.3 %	1.27	74.14	678.12	1.15
Q1 2014	195.15	41.3 %	0.29	0.07	195.08	0.29
Q2 2014	130.43	(20.7 %)	0.20	0.76	129.67	0.20
Q3 2014	84.85	(49.9 %)	0.13	0.31	84.55	0.13
Q4 2014	123.42	(56.0 %)	0.19	4.26	119.16	0.18
2014	533.84	(29.0 %)	0.80	5.39	528.45	0.80
Q1 2015	398.41	104.2 %	0.54	1.53	396.88	0.54
Q2 2015	342.48	162.6 %	0.46	0.75	341.73	0.46
Q3 2015	510.30	501.4 %	0.69	1.42	508.88	0.69
Q4 2015	566.40	358.9 %	0.77	1.41	564.98	0.77
2015	1,817.58	240.5 %	2.46	5.11	1,812.48	2.45
Q1 2016	612.92	53.8 %	0.83	(33.81)	646.74	0.88
Q2 2016	487.10	42.2 %	0.66	-	487.10	0.66
Q3 2016	315.38	(38.2 %)	0.43	150.00	165.38	0.22
Q4 2016	302.47	(46.6 %)	0.41	-	302.47	0.41
2016	1,717.87	(5.5 %)	2.33	116.19	1,601.68	2.17

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
2007	422.58	(4.3 %)	0.72	40.76	381.82	0.65
2008	749.97	77.5 %	1.27	(42.67)	792.64	1.34
2009	369.30	(50.8 %)	0.63	42.05	327.25	0.55
2010	414.88	12.3 %	0.70	15.27	399.60	0.68
2011	287.77	(30.6 %)	0.49	7.50	280.27	0.47
2012	503.99	75.1 %	0.85	12.51	491.49	0.83
2013	752.26	49.3 %	1.27	74.14	678.12	1.15
2014	533.84	(29.0 %)	0.80	5.39	528.45	0.80
2015	1,817.58	240.5 %	2.46	5.11	1,812.48	2.45
2016	1,717.87	(5.5 %)	2.33	116.19	1,601.68	2.17

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	30.41 %	40.54 %	23.57 %
Q2 2007	32.78 %	43.28 %	23.13 %
Q3 2007	31.94 %	42.76 %	21.23 %
Q4 2007	29.82 %	40.54 %	22.42 %
2007	29.82 %	40.54 %	22.42 %
Q1 2008	31.92 %	42.25 %	23.20 %
Q2 2008	34.09 %	43.97 %	26.34 %
Q3 2008	39.34 %	48.43 %	31.70 %
Q4 2008	39.83 %	48.58 %	30.55 %
2008	39.83 %	48.58 %	30.55 %
Q1 2009	37.61 %	47.27 %	29.87 %
Q2 2009	36.06 %	47.16 %	29.36 %
Q3 2009	29.29 %	43.10 %	21.82 %
Q4 2009	27.25 %	43.15 %	19.57 %
2009	27.25 %	43.15 %	19.57 %
Q1 2010	27.92 %	43.37 %	19.62 %
Q2 2010	27.90 %	41.88 %	18.89 %
Q3 2010	27.82 %	40.77 %	19.69 %
Q4 2010	27.19 %	39.72 %	19.49 %
2010	27.19 %	39.72 %	19.49 %
Q1 2011	23.65 %	36.59 %	16.75 %
Q2 2011	21.84 %	35.00 %	14.97 %
Q3 2011	18.68 %	32.27 %	11.76 %
Q4 2011	17.03 %	30.64 %	14.08 %
2011	17.03 %	30.64 %	14.08 %
Q1 2012	20.67 %	33.50 %	17.32 %
Q2 2012	21.86 %	33.45 %	20.41 %
Q3 2012	22.99 %	34.59 %	21.59 %
Q4 2012	23.27 %	35.87 %	19.94 %
2012	21.78 %	35.87 %	19.94 %
Q1 2013	20.33 %	33.77 %	17.18 %
Q2 2013	19.72 %	34.58 %	15.92 %
Q3 2013	20.08 %	34.14 %	18.05 %
Q4 2013	20.36 %	34.07 %	23.95 %
2013	20.36 %	34.07 %	23.82 %
Q1 2014	22.05 %	35.53 %	26.19 %
Q2 2014	20.20 %	34.14 %	24.47 %
Q3 2014	18.55 %	33.11 %	21.92 %
Q4 2014	18.59 %	32.49 %	14.57 %
2014	18.59 %	32.49 %	14.57 %
Q1 2015	20.94 %	33.66 %	16.24 %
Q2 2015	22.46 %	33.83 %	16.99 %
Q3 2015	26.21 %	36.02 %	20.60 %
Q4 2015	29.36 %	37.43 %	24.23 %
2015	29.43 %	37.52 %	24.28 %
Q1 2016	31.92 %	39.81 %	26.45 %
Q2 2016	33.29 %	40.77 %	28.23 %
Q3 2016	30.83 %	39.67 %	25.61 %
Q4 2016	27.88 %	40.49 %	23.59 %
2016	27.88 %	40.49 %	23.59 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	29.82 %	40.54 %	22.42 %
2008	39.83 %	48.58 %	30.55 %
2009	27.25 %	43.15 %	19.57 %
2010	27.19 %	39.72 %	19.49 %
2011	17.03 %	30.64 %	14.08 %
2012	21.78 %	35.87 %	19.94 %
2013	20.36 %	34.07 %	23.82 %
2014	18.59 %	32.49 %	14.57 %
2015	29.43 %	37.52 %	24.28 %
2016	27.88 %	40.49 %	23.59 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	35.41 %	46.02 %	29.20 %
Q2 2007	33.81 %	44.39 %	20.61 %
Q3 2007	27.80 %	38.63 %	18.09 %
Q4 2007	22.24 %	33.10 %	22.31 %
Q1 2008	40.42 %	49.81 %	29.62 %
Q2 2008	40.43 %	49.45 %	31.64 %
Q3 2008	47.37 %	55.26 %	38.83 %
Q4 2008	30.39 %	39.25 %	21.16 %
Q1 2009	28.84 %	43.17 %	25.79 %
Q2 2009	32.98 %	50.44 %	29.80 %
Q3 2009	24.69 %	42.72 %	11.01 %
Q4 2009	23.21 %	37.54 %	12.35 %
Q1 2010	30.95 %	43.92 %	25.44 %
Q2 2010	31.11 %	42.82 %	23.72 %
Q3 2010	25.10 %	38.18 %	15.91 %
Q4 2010	20.68 %	33.11 %	11.85 %
Q1 2011	15.38 %	30.31 %	14.01 %
Q2 2011	24.96 %	37.40 %	17.62 %
Q3 2011	12.87 %	27.66 %	3.32 %
Q4 2011	14.56 %	27.24 %	19.96 %
Q1 2012	28.54 %	40.37 %	25.33 %
Q2 2012	27.96 %	36.22 %	28.10 %
Q3 2012	19.07 %	33.47 %	10.82 %
Q4 2012	15.99 %	32.86 %	13.09 %
Q1 2013	16.91 %	32.09 %	14.40 %
Q2 2013	25.82 %	39.09 %	23.74 %
Q3 2013	20.49 %	32.30 %	19.54 %
Q4 2013	18.04 %	32.93 %	35.81 %
Q1 2014	24.31 %	38.24 %	25.30 %
Q2 2014	17.96 %	33.13 %	17.01 %
Q3 2014	14.24 %	28.51 %	10.20 %
Q4 2014	18.35 %	31.21 %	9.43 %
Q1 2015	27.72 %	38.40 %	24.16 %
Q2 2015	24.32 %	33.95 %	18.87 %
Q3 2015	31.88 %	39.12 %	26.54 %
Q4 2015	32.67 %	38.13 %	26.77 %
Q1 2016	38.16 %	47.71 %	33.03 %
Q2 2016	30.26 %	38.10 %	26.54 %
Q3 2016	18.30 %	32.68 %	12.04 %
Q4 2016	20.87 %	41.11 %	18.65 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2007	514.28	0.78	0.75	6.07
Q2 2007	590.63	0.68	0.65	7.51
Q3 2007	590.63	0.68	0.60	7.72
Q4 2007	590.63	0.72	0.65	7.89
Q1 2008	590.63	0.81	0.74	8.17
Q2 2008	590.63	0.96	0.92	7.96
Q3 2008	590.63	1.25	1.27	8.44
Q4 2008	590.63	1.27	1.34	8.62
Q1 2009	590.63	1.23	1.25	8.07
Q2 2009	590.63	1.08	1.10	8.26
Q3 2009	590.63	0.70	0.70	8.35
Q4 2009	590.63	0.63	0.55	8.44
Q1 2010	590.63	0.59	0.57	8.67
Q2 2010	590.63	0.63	0.61	8.36
Q3 2010	590.63	0.70	0.68	8.52
Q4 2010	590.63	0.70	0.68	8.62
Q1 2011	590.63	0.58	0.56	8.18
Q2 2011	590.63	0.51	0.49	8.34
Q3 2011	590.63	0.39	0.38	8.38
Q4 2011	590.63	0.49	0.47	8.57
Q1 2012	590.63	0.66	0.64	8.85
Q2 2012	590.63	0.85	0.82	8.93
Q3 2012	590.63	0.92	0.89	9.03
Q4 2012	590.63	0.85	0.83	9.16
Q1 2013	590.63	0.82	0.71	8.86
Q2 2013	590.63	0.74	0.65	9.14
Q3 2013	590.63	0.93	0.81	9.42
Q4 2013	590.63	1.27	1.15	9.90
Q1 2014	664.45	1.22	1.19	9.69
Q2 2014	664.45	1.17	1.14	9.91
Q3 2014	664.45	1.04	1.04	10.42
Q4 2014	664.45	0.80	0.80	10.59
Q1 2015	738.28	1.00	0.99	11.13
Q2 2015	738.28	1.29	1.28	11.12
Q3 2015	738.28	1.86	1.85	11.81
Q4 2015	738.28	2.46	2.45	12.58
Q1 2016	738.28	2.75	2.79	13.40
Q2 2016	738.28	2.95	2.99	12.75
Q3 2016	738.28	2.68	2.53	13.18
Q4 2016	738.28	2.33	2.17	13.11

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2007	590.63	0.72	0.65	7.89
2008	590.63	1.27	1.34	8.62
2009	590.63	0.63	0.55	8.44
2010	590.63	0.70	0.68	8.62
2011	590.63	0.49	0.47	8.57
2012	590.63	0.85	0.83	9.16
2013	590.63	1.27	1.15	9.90
2014	664.45	0.80	0.80	10.59
2015	738.28	2.46	2.45	12.58
2016	738.28	2.33	2.17	13.11

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	18.21	18.97	2.33
Q2 2007	16.03	16.70	1.44
Q3 2007	16.39	18.77	1.45
Q4 2007	23.30	25.79	2.11
Q1 2008	18.94	20.71	1.88
Q2 2008	23.20	24.30	2.81
Q3 2008	11.57	11.44	1.72
Q4 2008	8.67	8.20	1.28
Q1 2009	8.47	8.32	1.29
Q2 2009	10.57	10.37	1.38
Q3 2009	16.49	16.47	1.37
Q4 2009	18.93	21.37	1.40
Q1 2010	22.94	23.76	1.56
Q2 2010	18.90	19.53	1.43
Q3 2010	16.27	16.88	1.34
Q4 2010	16.62	17.25	1.35
Q1 2011	17.57	18.38	1.25
Q2 2011	18.05	19.00	1.11
Q3 2011	20.14	20.83	0.94
Q4 2011	16.63	17.08	0.95
Q1 2012	17.66	18.01	1.31
Q2 2012	14.54	15.13	1.39
Q3 2012	12.68	12.98	1.29
Q4 2012	14.97	15.35	1.39
Q1 2013	16.39	18.91	1.51
Q2 2013	17.48	19.86	1.42
Q3 2013	15.11	17.34	1.49
Q4 2013	14.77	16.29	1.90
Q1 2014	16.45	16.84	2.33
Q2 2014	16.38	16.79	2.17
Q3 2014	21.80	21.83	1.96
Q4 2014	25.07	25.33	1.71
Q1 2015	21.79	22.00	1.96
Q2 2015	21.81	21.96	2.52
Q3 2015	11.12	11.18	1.75
Q4 2015	10.08	10.11	1.97
Q1 2016	8.16	8.04	1.68
Q2 2016	6.96	6.87	1.61
Q3 2016	6.04	6.42	1.23
Q4 2016	9.94	10.67	1.77

Period	P/E	Adjusted P/E	Price/book
2007	23.30	25.79	2.11
2008	8.67	8.20	1.28
2009	18.93	21.37	1.40
2010	16.62	17.25	1.35
2011	16.63	17.08	0.95
2012	14.97	15.35	1.39
2013	14.77	16.38	1.90
2014	25.07	25.33	1.71
2015	10.08	10.11	1.97
2016	9.94	10.67	1.77

Business Segments (Million)

Compared With The

Period	Oil transport	Petrochemical transport	Logistics	Transport of bulk cargo	Eliminations
Q1 2007	179.25	102.22	120.58	-	-
Q2 2007	205.74	141.02	104.94	-	-
Q3 2007	179.35	117.77	133.89	-	-
Q4 2007	176.18	113.36	128.99	-	-
Q1 2008	301.79	136.57	146.08	-	-
Q2 2008	316.79	147.78	162.96	-	-
Q3 2008	406.48	163.41	156.85	-	-
Q4 2008	327.39	171.18	157.26	-	-
Q1 2009	259.73	98.59	110.98	-	-
Q2 2009	221.47	74.65	65.17	-	-
Q3 2009	259.27	70.09	70.29	-	-
Q4 2009	299.76	61.38	80.64	-	-
Q1 2010	380.40	64.56	67.36	-	-
Q2 2010	405.43	65.45	86.38	-	-
Q3 2010	348.63	70.53	95.31	-	-
Q4 2010	311.08	66.20	88.50	-	-
Q1 2011	298.47	67.73	59.74	-	-
Q2 2011	317.59	79.48	121.35	-	-
Q3 2011	303.15	91.61	84.38	-	-
Q4 2011	308.22	123.73	135.65	-	-
Q1 2012	428.45	115.96	87.64	-	-
Q2 2012	436.55	104.87	141.86	10.36	-
Q3 2012	305.22	103.94	132.84	11.95	-
Q4 2012	304.26	116.11	147.77	16.86	-
Q1 2013	330.60	119.95	130.57	17.54	-
Q2 2013	388.83	132.66	134.07	35.51	-
Q3 2013	375.33	224.71	143.86	30.50	-
Q4 2013	412.00	186.56	153.66	30.35	-
Q1 2014	414.24	193.67	131.81	31.29	-
Q2 2014	376.89	205.90	147.11	32.60	-
Q3 2014	483.60	203.98	113.42	28.28	-
Q4 2014	877.53	199.37	158.05	28.67	-
Q1 2015	1,275.03	201.34	138.06	28.03	-
Q2 2015	1,413.36	193.19	175.87	28.28	-
Q3 2015	1,406.83	198.58	284.07	28.16	-
Q4 2015	1,636.53	181.50	245.11	30.09	-
Q1 2016	1,540.94	161.52	208.09	47.18	-
Q2 2016	1,370.17	194.70	215.25	55.14	-
Q3 2016	911.03	222.40	164.63	76.07	-
Q4 2016	975.57	195.53	343.81	92.77	-

Period	Oil transport	Petrochemical transport	Logistics	Transport of bulk cargo	Eliminations
2007	740.53	474.37	488.40	-	-
2008	1,352.45	618.94	623.15	-	-
2009	1,040.23	304.71	327.08	-	-
2010	1,445.53	266.74	337.55	-	-
2011	1,227.42	362.54	401.12	-	-
2012	1,474.48	440.87	510.11	39.17	-
2013	1,506.76	663.87	562.16	113.91	-
2014	2,152.26	802.92	550.39	120.84	-
2015	5,731.74	774.61	843.11	114.56	-
2016	4,797.71	774.15	931.77	271.16	(85.05)

Analysts Estimates (Million)

Item	Q4 2016 (e)	Q4 2016 (a)	Change‬
Average	431.33	302.47	(29.9 %)

Estimates vs Actual (Million)

Item	Q4 2016 (e)	Q4 2016 (a)	Change
Al Rajhi Capital	385.00	302.47	(21.4) %
Albilad Capital	431.00	302.47	(29.8) %
Alistithmar Capital	454.60	302.47	(33.5) %
OSOOL AND BAKHEET	454.70	302.47	(33.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	22,812.85
Enterprise Value (EV) (M)	30,699.43
Shares Outstanding ((M))	738.28
EPS ( Riyal) (TTM)	2.94
Book Value (BV) ( Riyal)	18.46
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	11.68
P/E (TTM)	10.52
Price/book	1.67
Return on Average Assets (%) (TTM)	8.7
Return on Average Equity (%) (TTM)	17.0

National Shipping Company of Saudi Arabia (BAHRI)

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Bahri’s FY16 net profit falls 3% YoY

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2016 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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National Shipping Company of Saudi Arabia (BAHRI)

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Bahri’s FY16 net profit falls 3% YoY

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2016

Revenue by Business Segment (Latest) 2016 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

National Shipping Company of Saudi Arabia (BAHRI)

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Business Segments (Million)