Bahri net profit tumbles 93% to SAR 82.5 mln in H1 2021

03/08/2021 Argaam Exclusive

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National Shipping Company of Saudi Arabia (Bahri) reported a net profit after Zakat and tax of SAR 82.5 million for the first half of 2021, a plunge of 93% from SAR 1.179 billion in the prior-year period.

The profit slump was attributed to lower revenues from several segments, mainly the oil business, whose revenue fell by 67% year-on-year (YoY) amid a significant decline in global shipping rates and lower shipping operations.

Meanwhile, the increase in bunker subsidy and other income along with a decrease in Zakat and income tax, financing expenses and the provision for trade receivables and contract assets contributed to mitigate the impact of the net profit drop.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	5,614.61	2,483.96	(55.8 %)
Gross Income	1,523.96	211.47	(86.1 %)
Operating Income	1,418.48	134.68	(90.5 %)
Net Income	1,179.83	82.47	(93.0 %)
Average Shares	738.28	738.28	-
EPS (Riyals)	1.60	0.11	(93.0 %)

In Q2 2021, net profit after Zakat and tax plummeted 95% to SAR 38.9 million, hit by lower revenues from several segments, mainly the oil business, whose revenue fell by 74% YoY.

When compared to Q1 2021, net profit dropped 10.7% on a decline of SAR 46 million in Bahri’s profit share from associates, in addition to an increase in the trade receivables provision.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	3,532.43	1,294.76	(63.3 %)
Gross Income	962.62	127.27	(86.8 %)
Operating Income	919.60	78.63	(91.4 %)
Net Income	760.61	38.91	(94.9 %)
Average Shares	738.28	738.28	-
EPS (Riyals)	1.03	0.05	(94.9 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	1,189.20	1,294.76	8.9 %
Gross Income	84.20	127.27	51.2 %
Operating Income	56.05	78.63	40.3 %
Net Income	43.56	38.91	(10.7 %)
Average Shares	738.28	738.28	-
EPS (Riyals)	0.06	0.05	(10.7 %)

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