Bahri H1 2022 net profit surges to SAR 193 mln; Q2 at SAR 128 mln

31/07/2022 Argaam Exclusive

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National Shipping Company of Saudi Arabia’s (Bahri) net profit after Zakat and tax more than doubled to SAR 193 million in H1 2022, compared to SAR 82.5 million a year earlier.

The increase in net profit is driven by higher revenue of the company’s segments, particularly, oil and chemicals transportation on the improvement in global shipping rates and the increase in shipping operations and the additions of new vessels in Bahri fleet.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	2,483.96	3,572.35	43.8 %
Gross Income	211.47	403.14	90.6 %
Operating Income	134.68	310.53	130.6 %
Net Income	82.47	192.92	133.9 %
Average Shares	738.28	738.28	0.0 %
EPS (Riyals)	0.11	0.26	133.9 %

The second-quarter net profit after Zakat and tax rose 229% to SAR 128 million, from SAR 38.9 million in Q2 2021.

Compared to Q1 2022, the company’s net profit surged 97.3% from SAR 64.9 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	1,294.76	1,993.28	53.9 %
Gross Income	127.27	246.96	94.0 %
Operating Income	78.63	197.29	150.9 %
Net Income	38.91	128.02	229.0 %
Average Shares	738.28	738.28	0.0 %
EPS (Riyals)	0.05	0.17	229.0 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	1,579.07	1,993.28	26.2 %
Gross Income	156.17	246.96	58.1 %
Operating Income	113.24	197.29	74.2 %
Net Income	64.90	128.02	97.3 %
Average Shares	738.28	738.28	0.0 %
EPS (Riyals)	0.09	0.17	97.3 %

Shareholders’ equity, after minority interest, saw a marginal decline of 0.44% to SAR 9.646 billion by the end of H1 2022, from SAR 9.689 billion in the year-earlier period.

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