Bahri's H1 net profit declines 42%

Bahri's H1 net profit declines 42%

24/07/2018 Argaam Exclusive

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The National Shipping Company of Saudi Arabia’s (Bahri) net profit dropped 42 percent year-on-year (YoY) to of SAR 308.5 million for the first half of the year, attributed to lower spot market rates in general and for oil transportation in particular. 



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 3,328.67 2,954.29 (11.2 %)
Gross Income 745.29 638.25 (14.4 %)
Operating Income 669.26 552.27 (17.5 %)
Net Income 532.77 308.54 (42.1 %)
Average Shares 738.28 738.28 -
EPS (Riyals) 0.72 0.42 (42.1 %)

Bahri’s net profit for the second quarter increased 20.5 percent YoY to SAR 185 million due to the increase in the company’s fleet which limited the negative impact of the lower transportation rates. The Q2 profit was 50.6 percent lower than in the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 1,390.83 1,496.97 7.6 %
Gross Income 267.50 334.47 25.0 %
Operating Income 230.75 304.47 31.9 %
Net Income 153.91 185.41 20.5 %
Average Shares 738.28 738.28 -
EPS (Riyals) 0.21 0.25 20.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 469.30 (19.7 %) 135.34 (42.7 %) 110.42 (48.1 %)
Q2 2009 361.28 (42.4 %) 119.16 (53.0 %) 97.58 (57.4 %)
Q3 2009 399.66 (45.0 %) 98.66 (71.3 %) 77.20 (75.8 %)
Q4 2009 441.78 (32.6 %) 102.53 (48.6 %) 75.46 (54.6 %)
Q1 2010 512.31 9.2 % 158.55 17.1 % 134.97 22.2 %
Q2 2010 557.26 54.2 % 173.36 45.5 % 148.98 52.7 %
Q3 2010 514.48 28.7 % 129.15 30.9 % 105.76 37.0 %
Q4 2010 465.78 5.4 % 96.33 (6.1 %) 63.88 (15.4 %)
Q1 2011 425.93 (16.9 %) 65.50 (58.7 %) 38.10 (71.8 %)
Q2 2011 518.41 (7.0 %) 129.40 (25.4 %) 102.05 (31.5 %)
Q3 2011 479.15 (6.9 %) 61.64 (52.3 %) 36.44 (65.5 %)
Q4 2011 567.60 21.9 % 82.64 (14.2 %) 52.93 (17.1 %)
Q1 2012 632.05 48.4 % 180.41 175.5 % 151.09 296.6 %
Q2 2012 693.64 33.8 % 193.93 49.9 % 145.32 42.4 %
Q3 2012 553.94 15.6 % 105.62 71.3 % 76.75 110.6 %
Q4 2012 585.00 3.1 % 93.54 13.2 % 80.63 52.3 %
Q1 2013 598.66 (5.3 %) 101.23 (43.9 %) 78.19 (48.2 %)
Q2 2013 691.06 (0.4 %) 178.44 (8.0 %) 153.73 5.8 %
Q3 2013 774.40 39.8 % 158.68 50.2 % 132.84 73.1 %
Q4 2013 782.58 33.8 % 141.21 51.0 % 135.68 68.3 %
Q1 2014 771.01 28.8 % 187.40 85.1 % 166.73 113.2 %
Q2 2014 762.50 10.3 % 136.91 (23.3 %) 119.30 (22.4 %)
Q3 2014 829.29 7.1 % 118.09 (25.6 %) 92.41 (30.4 %)
Q4 2014 1,263.62 61.5 % 231.83 64.2 % 196.91 45.1 %
Q1 2015 1,642.46 113.0 % 455.21 142.9 % 427.94 156.7 %
Q2 2015 1,810.69 137.5 % 440.43 221.7 % 411.92 245.3 %
Q3 2015 1,917.64 131.2 % 611.25 417.6 % 545.29 490.1 %
Q4 2015 2,110.78 67.0 % 689.63 197.5 % 594.87 202.1 %
Q1 2016 1,957.74 19.2 % 747.13 64.1 % 709.67 65.8 %
Q2 2016 1,835.25 1.4 % 555.39 26.1 % 522.95 27.0 %
Q3 2016 1,374.13 (28.3 %) 251.47 (58.9 %) 226.20 (58.5 %)
Q4 2016 1,621.37 (23.2 %) 338.33 (50.9 %) 322.44 (45.8 %)
Q1 2017 1,937.84 (1.0 %) 477.79 (36.0 %) 438.50 (38.2 %)
Q2 2017 1,390.83 (24.2 %) 267.50 (51.8 %) 230.75 (55.9 %)
Q3 2017 1,283.62 (6.6 %) 209.54 (16.7 %) 173.22 (23.4 %)
Q4 2017 1,433.55 (11.6 %) 365.85 8.1 % 306.93 (4.8 %)
Q1 2018 1,457.32 (24.8 %) 303.78 (36.4 %) 247.81 (43.5 %)
Q2 2018 1,496.97 7.6 % 334.47 25.0 % 304.47 31.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 151.05 (12.7 %) 0.26 30.00 121.05 0.20
Q2 2009 107.65 (45.8 %) 0.18 - 107.65 0.18
Q3 2009 56.03 (80.1 %) 0.09 12.05 43.98 0.07
Q4 2009 54.57 (43.2 %) 0.09 - 54.57 0.09
Q1 2010 130.35 (13.7 %) 0.22 - 130.35 0.22
Q2 2010 132.17 22.8 % 0.22 - 132.17 0.22
Q3 2010 97.00 73.1 % 0.16 15.12 81.88 0.14
Q4 2010 55.36 1.4 % 0.09 0.15 55.21 0.09
Q1 2011 59.69 (54.2 %) 0.10 - 59.69 0.10
Q2 2011 91.37 (30.9 %) 0.15 - 91.37 0.15
Q3 2011 23.40 (75.9 %) 0.04 7.50 15.90 0.03
Q4 2011 113.31 104.7 % 0.19 - 113.31 0.19
Q1 2012 160.09 168.2 % 0.27 0.02 160.07 0.27
Q2 2012 207.10 126.7 % 0.35 12.17 194.93 0.33
Q3 2012 60.21 157.3 % 0.10 0.28 59.93 0.10
Q4 2012 76.60 (32.4 %) 0.13 0.05 76.55 0.13
Q1 2013 138.08 (13.7 %) 0.23 51.89 86.19 0.15
Q2 2013 164.57 (20.5 %) 0.28 0.50 164.06 0.28
Q3 2013 169.35 181.3 % 0.29 18.01 151.34 0.26
Q4 2013 280.26 265.9 % 0.47 3.74 280.26 0.47
Q1 2014 195.15 41.3 % 0.29 0.07 195.08 0.29
Q2 2014 130.43 (20.7 %) 0.20 0.76 129.67 0.20
Q3 2014 84.85 (49.9 %) 0.13 0.31 84.55 0.13
Q4 2014 123.42 (56.0 %) 0.19 4.26 119.16 0.18
Q1 2015 398.41 104.2 % 0.54 1.53 396.88 0.54
Q2 2015 342.48 162.6 % 0.46 0.75 341.73 0.46
Q3 2015 510.30 501.4 % 0.69 1.42 508.88 0.69
Q4 2015 566.40 358.9 % 0.77 1.41 564.98 0.77
Q1 2016 612.92 53.8 % 0.83 (33.81) 646.74 0.88
Q2 2016 487.10 42.2 % 0.66 - 487.10 0.66
Q3 2016 315.38 (38.2 %) 0.43 150.00 165.38 0.22
Q4 2016 302.47 (46.6 %) 0.41 - 302.47 0.41
Q1 2017 378.86 (38.2 %) 0.51 - 378.86 0.51
Q2 2017 153.91 (68.4 %) 0.21 - 153.91 0.21
Q3 2017 60.51 (80.8 %) 0.08 - 60.51 0.08
Q4 2017 207.04 (31.5 %) 0.28 (28.90) 235.94 0.32
Q1 2018 123.14 (67.5 %) 0.17 - 123.14 0.17
Q2 2018 185.41 20.5 % 0.25 - 185.41 0.25

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 37.61 % 47.27 % 29.87 %
Q2 2009 36.06 % 47.16 % 29.36 %
Q3 2009 29.29 % 43.10 % 21.82 %
Q4 2009 27.25 % 43.15 % 19.57 %
Q1 2010 27.92 % 43.37 % 19.62 %
Q2 2010 27.90 % 41.88 % 18.89 %
Q3 2010 27.82 % 40.77 % 19.69 %
Q4 2010 27.19 % 39.72 % 19.49 %
Q1 2011 23.65 % 36.59 % 16.75 %
Q2 2011 21.84 % 35.00 % 14.97 %
Q3 2011 18.68 % 32.27 % 11.76 %
Q4 2011 17.03 % 30.64 % 14.08 %
Q1 2012 20.67 % 33.50 % 17.32 %
Q2 2012 21.86 % 33.45 % 20.41 %
Q3 2012 22.99 % 34.59 % 21.59 %
Q4 2012 23.27 % 35.87 % 19.94 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 590.63 1.23 1.25 8.07
Q2 2009 590.63 1.08 1.10 8.26
Q3 2009 590.63 0.70 0.70 8.35
Q4 2009 590.63 0.63 0.55 8.44
Q1 2010 590.63 0.59 0.57 8.67
Q2 2010 590.63 0.63 0.61 8.36
Q3 2010 590.63 0.70 0.68 8.52
Q4 2010 590.63 0.70 0.68 8.62
Q1 2011 590.63 0.58 0.56 8.18
Q2 2011 590.63 0.51 0.49 8.34
Q3 2011 590.63 0.39 0.38 8.38
Q4 2011 590.63 0.49 0.47 8.57
Q1 2012 590.63 0.66 0.64 8.85
Q2 2012 590.63 0.85 0.82 8.93
Q3 2012 590.63 0.92 0.89 9.03
Q4 2012 590.63 0.85 0.83 9.16
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 8.47 8.32 1.29
Q2 2009 10.57 10.37 1.38
Q3 2009 16.49 16.47 1.37
Q4 2009 18.93 21.37 1.40
Q1 2010 22.94 23.76 1.56
Q2 2010 18.90 19.53 1.43
Q3 2010 16.27 16.88 1.34
Q4 2010 16.62 17.25 1.35
Q1 2011 17.57 18.38 1.25
Q2 2011 18.05 19.00 1.11
Q3 2011 20.14 20.83 0.94
Q4 2011 16.63 17.08 0.95
Q1 2012 17.66 18.01 1.31
Q2 2012 14.54 15.13 1.39
Q3 2012 12.68 12.98 1.29
Q4 2012 14.97 15.35 1.39
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

Business Segments (Million)

Compared With The
Period Oil transport Petrochemical transport Logistics Transport of bulk cargo Other Eliminations
Q1 2009 259.73 98.59 110.98 - - -
Q2 2009 221.47 74.65 65.17 - - -
Q3 2009 259.27 70.09 70.29 - - -
Q4 2009 299.76 61.38 80.64 - - -
Q1 2010 380.40 64.56 67.36 - - -
Q2 2010 405.43 65.45 86.38 - - -
Q3 2010 348.63 70.53 95.31 - - -
Q4 2010 311.08 66.20 88.50 - - -
Q1 2011 298.47 67.73 59.74 - - -
Q2 2011 317.59 79.48 121.35 - - -
Q3 2011 303.15 91.61 84.38 - - -
Q4 2011 308.22 123.73 135.65 - - -
Q1 2012 428.45 115.96 87.64 - - -
Q2 2012 436.55 104.87 141.86 10.36 - -
Q3 2012 305.22 103.94 132.84 11.95 - -
Q4 2012 304.26 116.11 147.77 16.86 - -
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 -

Analysts Estimates (Million)

Item Q2 2018 (e) Q2 2018 (a) Change‬
Average 153.08 185.41 21.12 %

Estimates vs Actual (Million)

Item Q2 2018 (e) Q2 2018 (a) Change
Albilad Capital 176.00 185.41 5.3 %
AlJazira Capital 152.10 185.41 21.9 %
Al Rajhi Capital 148.00 185.41 25.3 %
OSOOL AND BAKHEET 136.20 185.41 36.1 %


Financial Ratios
Current
Market Cap (M Riyal) 21,040.98
Enterprise Value (EV) (M) 27,536.22
Shares Outstanding ((M)) 738.28
EPS ( Riyal) (TTM) 2.84
Book Value (BV) ( Riyal) 17.77
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 11.84
P/E (TTM) 10.04
Price/book 1.60
Return on Average Assets (%) (TTM) 8.6
Return on Average Equity (%) (TTM) 17.1
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Share Price

National Shipping Company of Saudi Arabia
28.50
(0.20) (0.70 %)

National Shipping Company of Saudi Arabia (BAHRI)

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