Bahri's net profit rises to SAR 1.493 bln in 9M 2020

26/10/2020 Argaam Exclusive

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National Shipping Company of Saudi Arabia (Bahri) reported a net profit after Zakat and tax of SAR 1.493 billion for the first nine months of 2020, a steep rise from SAR 371.6 million in the same period last year.

The increase was attributed to higher returns in several operating segments supported mainly by the growth in oil transport sector due to the rise of transportation rates, along with the increase in number of voyages during the period.

The company also noted a decrease in financing expenses and profit share from associates in the current nine-month period as opposed losses the previous year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	4,627.61	7,124.91	54.0 %
Gross Income	962.42	1,903.85	97.8 %
Operating Income	816.33	1,725.72	111.4 %
Net Income	371.62	1,493.57	301.9 %
Average Shares	738.28	738.28	-
EPS (Riyals)	0.50	2.02	301.9 %

The Q3 2020 net profit after Zakat and taxes more than doubled to SAR 313.74 million, compared to the previous year, due to higher returns from several operating segments, along with lower zakat and income tax expense and a decrease in financing expenses.

On a sequential basis, the Q3 net profit fell 58.8%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	1,481.56	1,510.30	1.9 %
Gross Income	296.11	379.89	28.3 %
Operating Income	240.74	307.24	27.6 %
Net Income	146.73	313.74	113.8 %
Average Shares	738.28	738.28	-
EPS (Riyals)	0.20	0.42	113.8 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	3,532.43	1,510.30	(57.2 %)
Gross Income	962.62	379.89	(60.5 %)
Operating Income	919.60	307.24	(66.6 %)
Net Income	760.61	313.74	(58.8 %)
Average Shares	738.28	738.28	-
EPS (Riyals)	1.03	0.42	(58.8 %)

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