Bahri net profit rises to SAR 1.57 bln in 2020

28/01/2021 Argaam Exclusive

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National Shipping Company of Saudi Arabia (Bahri) reported an annual net profit after Zakat and tax of SAR 1.571 billion, compared to SAR 620.7 million in 2019.

The increase in annual net profit was attributed to the increase in revenue from several operating segments supported mainly by the growth in oil transport sector due to the rise of transportation rates in addition to the increase in number of voyages during the period.

The increase was also supported by the decrease in financing expenses during the current period and recording profits in the group's share in results of affiliated companies compared to losses realized in the previous year.

Financials (M)

Item	2019	2020	Change‬
Revenues	6,567.02	8,393.00	27.8 %
Gross Income	1,427.00	2,121.87	48.7 %
Operating Income	1,194.08	1,886.46	58.0 %
Net Income	620.70	1,571.11	153.1 %
Average Shares	738.28	738.28	-
EPS (Riyals)	0.84	2.13	153.1 %

The company reported a net profit of SAR 77.5 million in Q4 2020, a 69% year-on-year (YoY) decline, on lower revenue from several sectors, particularly, from the oil sector, caused by the decline in transportation rates in addition to the decrease in number of voyages.

When compared to previous quarter, Q4 2020 net profit fell by 75.3%.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	1,939.40	1,268.09	(34.6 %)
Gross Income	464.58	218.02	(53.1 %)
Operating Income	377.75	160.74	(57.4 %)
Net Income	249.08	77.54	(68.9 %)
Average Shares	738.28	738.28	-
EPS (Riyals)	0.34	0.11	(68.9 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	1,510.30	1,268.09	(16.0 %)
Gross Income	379.89	218.02	(42.6 %)
Operating Income	307.24	160.74	(47.7 %)
Net Income	313.74	77.54	(75.3 %)
Average Shares	738.28	738.28	-
EPS (Riyals)	0.42	0.11	(75.3 %)

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