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

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

23/10/2022 Argaam Exclusive

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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.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 3,804.54 5,865.08 54.2 %
Gross Income 344.57 786.37 128.2 %
Operating Income 224.38 692.03 208.4 %
Net Income 100.46 462.79 360.7 %
Average Shares 738.28 738.28 0.0 %
EPS (Riyals) 0.14 0.63 360.7 %

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.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 1,320.58 2,292.72 73.6 %
Gross Income 133.10 383.24 187.9 %
Operating Income 89.71 381.50 325.3 %
Net Income 17.99 269.87 1400.0 %
Average Shares 738.28 738.28 0.0 %
EPS (Riyals) 0.02 0.37 1400.0 %

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.

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2013 598.66 (5.3 %) 101.23 (43.9 %) 138.08 (13.7 %) 0.23
Q2 2013 691.06 (0.4 %) 178.44 (8.0 %) 164.57 (20.5 %) 0.28
Q3 2013 774.40 39.8 % 158.68 50.2 % 169.35 181.3 % 0.29
Q4 2013 782.58 33.8 % 141.21 51.0 % 280.26 265.9 % 0.47
Q1 2014 771.01 28.8 % 187.40 85.1 % 195.15 41.3 % 0.29
Q2 2014 762.50 10.3 % 136.91 (23.3 %) 130.43 (20.7 %) 0.20
Q3 2014 829.29 7.1 % 118.09 (25.6 %) 84.85 (49.9 %) 0.13
Q4 2014 1,263.62 61.5 % 231.83 64.2 % 123.42 (56.0 %) 0.19
Q1 2015 1,642.46 113.0 % 455.21 142.9 % 398.41 104.2 % 0.54
Q2 2015 1,810.69 137.5 % 440.43 221.7 % 342.48 162.6 % 0.46
Q3 2015 1,917.64 131.2 % 611.25 417.6 % 510.30 501.4 % 0.69
Q4 2015 2,110.78 67.0 % 689.63 197.5 % 566.40 358.9 % 0.77
Q1 2016 1,957.74 19.2 % 747.13 64.1 % 612.92 53.8 % 0.83
Q2 2016 1,835.25 1.4 % 555.39 26.1 % 487.10 42.2 % 0.66
Q3 2016 1,374.13 (28.3 %) 251.47 (58.9 %) 315.38 (38.2 %) 0.43
Q4 2016 1,621.37 (23.2 %) 338.33 (50.9 %) 302.47 (46.6 %) 0.41
Q1 2017 1,937.84 (1.0 %) 477.79 (36.0 %) 378.86 (38.2 %) 0.51
Q2 2017 1,390.83 (24.2 %) 267.50 (51.8 %) 153.91 (68.4 %) 0.21
Q3 2017 1,283.62 (6.6 %) 209.54 (16.7 %) 60.51 (80.8 %) 0.08
Q4 2017 1,433.55 (11.6 %) 365.85 8.1 % 207.04 (31.5 %) 0.28
Q1 2018 1,457.32 (24.8 %) 303.78 (36.4 %) 123.14 (67.5 %) 0.17
Q2 2018 1,496.97 7.6 % 334.47 25.0 % 185.41 20.5 % 0.25
Q3 2018 1,393.92 8.6 % 203.87 (2.7 %) 81.28 34.3 % 0.11
Q4 2018 1,781.70 24.3 % 404.86 10.7 % 91.41 (55.8 %) 0.12
Q1 2019 1,705.77 17.0 % 426.18 40.3 % 179.33 45.6 % 0.24
Q2 2019 1,440.28 (3.8 %) 240.13 (28.2 %) 45.57 (75.4 %) 0.06
Q3 2019 1,481.56 6.3 % 296.11 45.2 % 146.73 80.5 % 0.20
Q4 2019 1,939.40 8.9 % 464.58 14.8 % 249.08 172.5 % 0.34
Q1 2020 2,082.18 22.1 % 561.35 31.7 % 419.22 133.8 % 0.57
Q2 2020 3,532.43 145.3 % 962.62 300.9 % 760.61 1569.0 % 1.03
Q3 2020 1,510.30 1.9 % 379.89 28.3 % 313.74 113.8 % 0.42
Q4 2020 1,268.09 (34.6 %) 218.02 (53.1 %) 77.54 (68.9 %) 0.11
Q1 2021 1,189.20 (42.9 %) 84.20 (85.0 %) 43.56 (89.6 %) 0.06
Q2 2021 1,294.76 (63.3 %) 127.27 (86.8 %) 38.91 (94.9 %) 0.05
Q3 2021 1,320.58 (12.6 %) 133.10 (65.0 %) 17.99 (94.3 %) 0.02
Q4 2021 1,546.54 22.0 % 211.93 (2.8 %) 91.98 18.6 % 0.12
Q1 2022 1,579.07 32.8 % 156.17 85.5 % 64.90 49.0 % 0.09
Q2 2022 1,993.28 53.9 % 246.96 94.0 % 128.02 229.0 % 0.17
Q3 2022 2,292.72 73.6 % 383.24 187.9 % 269.87 1400.0 % 0.37

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 20.33 % 33.77 % 17.18 %
Q2 2013 19.72 % 34.58 % 15.92 %
Q3 2013 20.08 % 34.14 % 18.05 %
Q4 2013 20.36 % 34.07 % 23.95 %
Q1 2014 22.05 % 35.53 % 26.19 %
Q2 2014 20.20 % 34.14 % 24.47 %
Q3 2014 18.55 % 33.11 % 21.92 %
Q4 2014 18.59 % 32.49 % 14.57 %
Q1 2015 20.94 % 33.66 % 16.24 %
Q2 2015 22.46 % 33.83 % 16.99 %
Q3 2015 26.21 % 36.02 % 20.60 %
Q4 2015 29.36 % 37.43 % 24.23 %
Q1 2016 31.92 % 39.81 % 26.45 %
Q2 2016 33.29 % 40.77 % 28.23 %
Q3 2016 30.83 % 39.67 % 25.61 %
Q4 2016 27.88 % 40.49 % 23.59 %
Q1 2017 23.98 % 36.68 % 19.71 %
Q2 2017 21.11 % 34.70 % 15.82 %
Q3 2017 20.74 % 35.49 % 14.37 %
Q4 2017 21.84 % 33.14 % 13.72 %
Q1 2018 20.60 % 32.89 % 10.30 %
Q2 2018 21.40 % 33.93 % 10.67 %
Q3 2018 20.89 % 31.75 % 10.82 %
Q4 2018 20.34 % 32.61 % 7.85 %
Q1 2019 21.47 % 33.09 % 8.43 %
Q2 2019 20.17 % 32.47 % 6.29 %
Q3 2019 21.33 % 33.13 % 7.22 %
Q4 2019 21.73 % 33.85 % 9.45 %
Q1 2020 22.50 % 35.23 % 12.39 %
Q2 2020 25.29 % 35.36 % 17.44 %
Q3 2020 26.13 % 36.65 % 19.23 %
Q4 2020 25.28 % 36.45 % 18.72 %
Q1 2021 21.93 % 34.16 % 15.94 %
Q2 2021 15.38 % 33.25 % 9.00 %
Q3 2021 11.09 % 30.99 % 3.51 %
Q4 2021 10.40 % 29.66 % 3.60 %
Q1 2022 10.95 % 29.32 % 3.72 %
Q2 2022 11.62 % 28.28 % 4.70 %
Q3 2022 13.47 % 28.99 % 7.41 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 590.63 0.82 0.71 8.86
Q2 2013 590.63 0.74 0.65 9.14
Q3 2013 590.63 0.93 0.81 9.42
Q4 2013 590.63 1.27 1.15 9.90
Q1 2014 664.45 1.22 1.19 9.69
Q2 2014 664.45 1.17 1.14 9.91
Q3 2014 664.45 1.04 1.04 10.42
Q4 2014 664.45 0.80 0.80 10.59
Q1 2015 738.28 1.00 0.99 11.13
Q2 2015 738.28 1.29 1.28 11.12
Q3 2015 738.28 1.86 1.85 11.81
Q4 2015 738.28 2.46 2.45 12.58
Q1 2016 738.28 2.75 2.79 13.40
Q2 2016 738.28 2.95 2.99 12.75
Q3 2016 738.28 2.68 2.53 13.18
Q4 2016 738.28 2.33 2.17 13.11
Q1 2017 738.28 2.01 1.81 12.29
Q2 2017 738.28 1.56 1.36 12.50
Q3 2017 738.28 1.21 1.21 12.58
Q4 2017 738.28 1.08 1.12 12.86
Q1 2018 738.28 0.74 0.78 13.03
Q2 2018 738.28 0.78 0.82 12.48
Q3 2018 738.28 0.81 0.85 12.59
Q4 2018 738.28 0.65 0.65 12.70
Q1 2019 738.28 0.73 0.73 12.95
Q2 2019 738.28 0.54 0.54 12.21
Q3 2019 738.28 0.63 0.63 12.14
Q4 2019 738.28 0.84 0.84 12.48
Q1 2020 738.28 1.17 1.17 13.05
Q2 2020 738.28 2.13 2.13 13.54
Q3 2020 738.28 2.36 2.36 13.43
Q4 2020 738.28 2.13 2.13 13.53
Q1 2021 738.28 1.62 1.62 13.60
Q2 2021 738.28 0.64 0.64 13.12
Q3 2021 738.28 0.24 0.24 12.61
Q4 2021 738.28 0.26 0.26 12.75
Q1 2022 738.28 0.29 0.29 12.85
Q2 2022 738.28 0.41 0.41 13.07
Q3 2022 738.28 0.75 0.74 13.43

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 16.39 18.91 1.51
Q2 2013 17.48 19.86 1.42
Q3 2013 15.11 17.34 1.49
Q4 2013 14.77 16.29 1.90
Q1 2014 16.45 16.84 2.33
Q2 2014 16.38 16.79 2.17
Q3 2014 21.80 21.83 1.96
Q4 2014 25.07 25.33 1.71
Q1 2015 21.79 22.00 1.96
Q2 2015 21.81 21.96 2.52
Q3 2015 11.12 11.18 1.75
Q4 2015 10.08 10.11 1.97
Q1 2016 8.16 8.04 1.68
Q2 2016 6.96 6.87 1.61
Q3 2016 6.04 6.42 1.23
Q4 2016 9.94 10.67 1.77
Q1 2017 9.47 10.53 1.55
Q2 2017 12.79 14.71 1.60
Q3 2017 13.84 13.84 1.33
Q4 2017 15.49 14.95 1.31
Q1 2018 22.68 21.53 1.28
Q2 2018 20.96 19.96 1.31
Q3 2018 22.08 21.06 1.42
Q4 2018 27.34 27.34 1.40
Q1 2019 22.14 22.14 1.24
Q2 2019 26.95 26.95 1.19
Q3 2019 24.93 24.93 1.29
Q4 2019 25.39 25.39 1.71
Q1 2020 16.46 16.46 1.47
Q2 2020 8.55 8.55 1.35
Q3 2020 9.53 9.53 1.67
Q4 2020 10.17 10.17 1.60
Q1 2021 12.87 12.87 1.53
Q2 2021 32.51 32.51 1.59
Q3 2021 84.87 84.87 1.62
Q4 2021 66.43 66.43 1.36
Q1 2022 65.78 65.78 1.48
Q2 2022 32.31 32.31 1.01
Q3 2022 24.31 24.56 1.36

Business Segments (Million)

Compared With The
Period Oil transport Petrochemical transport Logistics Transport of bulk cargo Non-sectoral items Eliminations
Q1 2013 330.60 119.95 130.57 17.54 - -
Q2 2013 388.83 132.66 134.07 35.51 - -
Q3 2013 375.33 224.71 143.86 30.50 - -
Q4 2013 412.00 186.56 153.66 30.35 - -
Q1 2014 414.24 193.67 131.81 31.29 - -
Q2 2014 376.89 205.90 147.11 32.60 - -
Q3 2014 483.60 203.98 113.42 28.28 - -
Q4 2014 877.53 199.37 158.05 28.67 - -
Q1 2015 1,275.03 201.34 138.06 28.03 - -
Q2 2015 1,413.36 193.19 175.87 28.28 - -
Q3 2015 1,406.83 198.58 284.07 28.16 - -
Q4 2015 1,636.53 181.50 245.11 30.09 - -
Q1 2016 1,540.94 161.52 208.09 47.18 - -
Q2 2016 1,370.17 194.70 215.25 55.14 - -
Q3 2016 911.03 222.40 164.63 76.07 - -
Q4 2016 975.57 195.53 343.81 92.77 - -
Q1 2017 1,365.55 200.18 272.26 99.85 - -
Q2 2017 800.48 193.65 285.22 111.49 - -
Q3 2017 750.95 195.73 261.68 75.27 - -
Q4 2017 809.27 215.71 318.80 75.70 - -
Q1 2018 812.32 213.37 316.20 100.35 15.09 -
Q2 2018 906.92 226.02 245.65 104.13 14.25 -
Q3 2018 897.27 210.00 224.45 76.91 (14.70) -
Q4 2018 1,076.04 222.80 371.73 106.00 5.14 -
Q1 2019 1,041.44 275.80 237.60 146.96 3.97 -
Q2 2019 807.92 258.81 264.17 103.89 5.49 -
Q3 2019 806.07 278.69 300.25 90.92 5.63 -
Q4 2019 1,303.77 291.85 267.25 78.29 (1.75) -
Q1 2020 1,552.33 324.82 171.91 30.71 2.40 -
Q2 2020 2,849.21 345.19 316.76 29.18 (7.91) -
Q3 2020 924.64 304.04 243.63 33.15 4.84 -
Q4 2020 764.74 267.89 186.55 44.33 4.58 -
Q1 2021 687.16 277.24 169.84 52.43 2.53 -
Q2 2021 747.62 259.41 226.75 57.87 3.11 -
Q3 2021 754.32 304.29 190.25 67.62 4.10 -
Q4 2021 913.36 333.82 221.89 75.57 1.83 -
Q1 2022 906.10 341.90 263.60 65.11 2.37 -
Q2 2022 1,135.45 455.11 319.27 80.60 2.86 -
Q3 2022 1,400.52 583.54 229.79 75.99 2.89 -

Current
Market Cap (M Riyal) 20,081.22
Enterprise Value (EV) (M) 25,783.51
Shares Outstanding ((M)) 738.28
EPS ( Riyal) (TTM) 2.13
Book Value (BV) ( Riyal) 16.65
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.09
P/E (TTM) 12.76
Price/book 1.63
Return on Average Assets (%) (TTM) 6.7
Return on Average Equity (%) (TTM) 13.5

Share Price

National Shipping Company of Saudi Arabia (BAHRI)


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