Bahri's net profit rises more than five-fold to SAR 1.179 bln in H1 2020

20/07/2020 Argaam Exclusive

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National Shipping Company of Saudi Arabia (Bahri) reported a net profit after Zakat and tax of SAR 1.179 billion for the first half of 2020, an increase of more than five-fold year-on-year (YoY), driven by lower cost of finance, and profit share from associates.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	3,146.05	5,614.61	78.5 %
Gross Income	666.31	1,523.96	128.7 %
Operating Income	571.37	1,418.48	148.3 %
Net Income	224.90	1,179.83	424.6 %
Average Shares	738.28	738.28	-
EPS (Riyals)	0.30	1.60	424.6 %

The company’s net profit after Zakat and tax for the second quarter stood at SAR 760.6 million, compared to SAR 45.57 million in year-earlier period, due to higher returns from business divisions, the growth in the oil segment and higher transport rates.

On a quarter-on-quarter basis, the profit for the current quarter increased by 81.43%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	1,440.28	3,532.43	145.3 %
Gross Income	240.13	962.62	300.9 %
Operating Income	198.17	919.60	364.0 %
Net Income	45.57	760.61	1569.0 %
Average Shares	738.28	738.28	-
EPS (Riyals)	0.06	1.03	1569.0 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	2,082.18	3,532.43	69.7 %
Gross Income	561.35	962.62	71.5 %
Operating Income	498.88	919.60	84.3 %
Net Income	419.22	760.61	81.4 %
Average Shares	738.28	738.28	-
EPS (Riyals)	0.57	1.03	81.4 %

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