Bahri 9M 2022 net profit surges to SAR 462.8 mln; Q3 at SAR 269.9 mln

National Shipping Company of Saudi Arabia’s (Bahri) net profit after Zakat and tax more soared to SAR 462.8 million in the first nine months of 2022, from SAR 100.5 million a year earlier.

The profit surge was driven by a 54% year-on-year (YoY) rise in revenue, due to an improvement in all segments, especially in oil transportation, which posted revenues of SAR 1.253 billion. The chemicals transportation segment’s revenues also increased to SAR 540 million, due to better global shipping rates and operations as well as the addition of new vessels to Bahri’s fleet.

Bahri also reported a decline in doubtful debt provisions by SAR 34 million, on improved debt collections in the previous years, in addition to a YoY increase of SAR 14 million in other income.

On the other hand, higher financing cost (FC) has offset the net profit growth during the current period.

The third-quarter net profit after Zakat and tax skyrocketed to SAR 269.9 million, compared to SAR 17.99 million in Q3 2021, backed by a 74% YoY rise in revenue. Provisions for doubtful debts decreased by SAR 50 million in the three-month period.

Compared to Q2 2022, net profit more than doubled from SAR 128 million.

Shareholders’ equity, after minority interest, remained unchanged YoY at SAR 9.308 billion by the end of the nine-month period.

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