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

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 %

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