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.
| 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.
| 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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