Bahri 9M 2023 net profit surges to SAR 1.21 bln; Q3 at SAR 224.3 mln

National Shipping Company of Saudi Arabia’s (Bahri) net profit after Zakat and tax soared to SAR 1.21 billion in the first nine months of 2023 from SAR 462.8 million a year earlier.

The profit surge was driven by the increase in revenues amid improvements in multiple segments performance, especially in the oil transportation segment, where its revenues have increased by SAR 414 million.

In addition, revenues from the chemicals transportation segment increased by SAR 623 million, thanks to higher global shipping rates during the current period compared with the same period last year.

Moreover, financial results for the nine-month period were buoyed by the increase in other income by SAR 215 million year-on-year, which is mainly due to the realized capital gain of SAR 123 million from the sale of vessels within the fleet modernization plan, in addition to the collection of the insurance claims of SAR 60 million.

Bahri also recorded a rise in its share in the results of equity-accounted investee companies at SAR 166 million.

On the other hand, higher financing costs have offset the net profit growth during the current period.

The third-quarter net profit after Zakat and tax fell 16.9% to SAR 224.3 million, compared to SAR 269.87 million in Q3 2023.

Compared to Q2 2023, net profit dropped 54.7% from SAR 495.38 million.

Shareholders’ equity, after minority interest, amounted to SAR 11.453 billion by the end of the nine-month period, compared to SAR 9.914 billion in the same period a year ago.

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