Bahri H1 2022 net profit surges to SAR 193 mln; Q2 at SAR 128 mln

Bahri H1 2022 net profit surges to SAR 193 mln; Q2 at SAR 128 mln

31/07/2022 Argaam Exclusive

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National Shipping Company of Saudi Arabia’s (Bahri) net profit after Zakat and tax more than doubled to SAR 193 million in H1 2022, compared to SAR 82.5 million a year earlier.

 

The increase in net profit is driven by higher revenue of the company’s segments, particularly, oil and chemicals transportation on the improvement in global shipping rates and the increase in shipping operations and the additions of new vessels in Bahri fleet.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 2,483.96 3,572.35 43.8 %
Gross Income 211.47 403.14 90.6 %
Operating Income 134.68 310.53 130.6 %
Net Income 82.47 192.92 133.9 %
Average Shares 738.28 738.28 0.0 %
EPS (Riyals) 0.11 0.26 133.9 %

The second-quarter net profit after Zakat and tax rose 229% to SAR 128 million, from SAR 38.9 million in Q2 2021.

 

Compared to Q1 2022, the company’s net profit surged 97.3% from SAR 64.9 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 1,294.76 1,993.28 53.9 %
Gross Income 127.27 246.96 94.0 %
Operating Income 78.63 197.29 150.9 %
Net Income 38.91 128.02 229.0 %
Average Shares 738.28 738.28 0.0 %
EPS (Riyals) 0.05 0.17 229.0 %

Shareholders’ equity, after minority interest, saw a marginal decline of 0.44% to SAR 9.646 billion by the end of H1 2022, from SAR 9.689 billion in the year-earlier period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2020 1,268.09 (34.6 %) 218.02 (53.1 %) 160.74 (57.4 %)
Q1 2021 1,189.20 (42.9 %) 84.20 (85.0 %) 56.05 (88.8 %)
Q2 2021 1,294.76 (63.3 %) 127.27 (86.8 %) 78.63 (91.4 %)
Q3 2021 1,320.58 (12.6 %) 133.10 (65.0 %) 89.71 (70.8 %)
Q4 2021 1,546.54 22.0 % 211.93 (2.8 %) 163.98 2.0 %
Q1 2022 1,579.07 32.8 % 156.17 85.5 % 113.24 102.0 %
Q2 2022 1,993.28 53.9 % 246.96 94.0 % 197.29 150.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2020 77.54 (68.9 %) 0.11 - 77.54 0.11
Q1 2021 43.56 (89.6 %) 0.06 - 43.56 0.06
Q2 2021 38.91 (94.9 %) 0.05 - 38.91 0.05
Q3 2021 17.99 (94.3 %) 0.02 - 17.99 0.02
Q4 2021 91.98 18.6 % 0.12 - 91.98 0.12
Q1 2022 64.90 49.0 % 0.09 - 64.90 0.09
Q2 2022 128.02 229.0 % 0.17 - 128.02 0.17

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 %


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

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

Business Segments (Million)

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


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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