National Shipping Company of Saudi Arabia’s (Bahri) fourth-quarter 2018 net profit of SAR 91.4 million fell short of Aljazira Capital's estimate of SAR 221.1 million.
The deviation is a result of higher finance cost, due to losses in financial derivatives revaluation, the brokerage said in a new note.
The company's revenue stood at SAR 1.78 billion, in line with the brokerage's estimates of SAR 1.72 billion.
Gross profit was at SAR 398.1 million meeting Aljazira's estimates of SAR 388.2 million. However, operating profit rose 39.7 percent year-on-year to SAR 386.2 million beating the brokerage's estimates of SAR 333.4 million.
Revenue per vessel for Bahri Oil is expected to stand around $70,000 per vessel compared to $52,100 a vessel.
Aljazira Capital recommended a “neutral” rating on the stock, revising up the target price to SAR 32.5 a share.
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