Bahri's net profit rises to SAR 1.493 bln in 9M 2020

Bahri's net profit rises to SAR 1.493 bln in 9M 2020

26/10/2020 Argaam Exclusive

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National Shipping Company of Saudi Arabia (Bahri) reported a net profit after Zakat and tax of SAR 1.493 billion for the first nine months of 2020, a steep rise from SAR 371.6 million in the same period last year.

 

The increase was attributed to higher returns in several operating segments supported mainly by the growth in oil transport sector due to the rise of transportation rates, along with the increase in number of voyages during the period.

 

The company also noted a decrease in financing expenses and profit share from associates in the current nine-month period as opposed losses the previous year.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 4,627.61 7,124.91 54.0 %
Gross Income 962.42 1,903.85 97.8 %
Operating Income 816.33 1,725.72 111.4 %
Net Income 371.62 1,493.57 301.9 %
Average Shares 738.28 738.28 -
EPS (Riyals) 0.50 2.02 301.9 %

The Q3 2020 net profit after Zakat and taxes more than doubled to SAR 313.74 million, compared to the previous year, due to higher returns from several operating segments, along with lower zakat and income tax expense and a decrease in financing expenses.

 

On a sequential basis, the Q3 net profit fell 58.8%.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 1,481.56 1,510.30 1.9 %
Gross Income 296.11 379.89 28.3 %
Operating Income 240.74 307.24 27.6 %
Net Income 146.73 313.74 113.8 %
Average Shares 738.28 738.28 -
EPS (Riyals) 0.20 0.42 113.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2018 1,393.92 8.6 % 203.87 (2.7 %) 143.16 (17.4 %)
Q4 2018 1,781.70 24.3 % 404.86 10.7 % 378.65 23.4 %
Q1 2019 1,705.77 17.0 % 426.18 40.3 % 373.20 50.6 %
Q2 2019 1,440.28 (3.8 %) 240.13 (28.2 %) 198.17 (34.9 %)
Q3 2019 1,481.56 6.3 % 296.11 45.2 % 240.74 68.2 %
Q4 2019 1,939.40 8.9 % 464.58 14.8 % 377.75 (0.2 %)
Q1 2020 2,082.18 22.1 % 561.35 31.7 % 498.88 33.7 %
Q2 2020 3,532.43 145.3 % 962.62 300.9 % 919.60 364.0 %
Q3 2020 1,510.30 1.9 % 379.89 28.3 % 307.24 27.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2018 81.28 34.3 % 0.11 - 81.28 0.11
Q4 2018 91.41 (55.8 %) 0.12 - 91.41 0.12
Q1 2019 179.33 45.6 % 0.24 - 179.33 0.24
Q2 2019 45.57 (75.4 %) 0.06 - 45.57 0.06
Q3 2019 146.73 80.5 % 0.20 - 146.73 0.20
Q4 2019 249.08 172.5 % 0.34 - 249.08 0.34
Q1 2020 419.22 133.8 % 0.57 - 419.22 0.57
Q2 2020 760.61 1569.0 % 1.03 - 760.61 1.03
Q3 2020 313.74 113.8 % 0.42 - 313.74 0.42

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

Business Segments (Million)

Compared With The
Period Oil transport Petrochemical transport Logistics Transport of bulk cargo Other Eliminations
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 -
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 -


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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