Bahri H1 2024 net profit rises 20% to SAR 1.18B, Q2 at SAR 733.2M

28/07/2024 Argaam Exclusive

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National Shipping Company of Saudi Arabia (Bahri) reported a net profit of SAR 1.18 billion in H1 2024, an increase of 20% from SAR 987.8 million in a year earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	4,727.40	5,025.33	6.3 %
Gross Income	1,195.96	1,532.64	28.2 %
Operating Income	1,191.94	1,467.96	23.2 %
Net Income	987.87	1,186.12	20.1 %
Average Shares	738.28	738.28	-
EPS (Riyals)	1.34	1.61	20.1 %

The company's revenue increased from various segments, particularly chemicals transportation whose revenue grew by SAR 256 million, followed by logistics with a revenue increase of SAR 81 million, and the dry bulk segment with SAR 58 million.

Bahri reported an increase in gross profit by SAR 337 million due to the improvement of in both operating performance and global shipping rates. Bahri also reported an increase in finance income by SAR 22 million during the current period.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	2,352.18	2,712.26	15.3 %
Gross Income	580.72	869.56	49.7 %
Operating Income	594.51	842.01	41.6 %
Net Income	495.38	733.19	48.0 %
Average Shares	738.28	738.28	-
EPS (Riyals)	0.67	0.99	48.0 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	2,313.08	2,712.26	17.3 %
Gross Income	663.09	869.56	31.1 %
Operating Income	625.96	842.01	34.5 %
Net Income	452.93	733.19	61.9 %
Average Shares	738.28	738.28	-
EPS (Riyals)	0.61	0.99	61.9 %

Q2 2024 net profit rose 48% to SAR 733.2 million, compared to SAR 495.38 million in Q2 2023.

Q2 2024 gross profit increased by SAR 289 million due to improved operating performance and improved global shipping rates. The chemicals transportation segment’s gross profit increased by SAR 167 million, and oil transportation gained SAR 86 million during the current quarter compared with same quarter of the previous year.

Conversely, general, and administrative expenses increased by SAR 43 million during the current quarter compared with same quarter of the previous year.

On a quarterly basis, net earnings jumped 61.9% from SAR 452.9 million in Q1 2024.

Total shareholders’ equity, after minority interest, reached SAR 12.63 billion by June 30, 2024, compared to SAR 11.22 billion in prior-year period.

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