Bahri Q1 2024 profit falls 8% to SAR 452.9M

Bahri Q1 2024 profit falls 8% to SAR 452.9M

02/05/2024 Argaam Exclusive

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National Shipping Company of Saudi Arabia (Bahri) posted an 8% fall in Q1 2024 net profit to SAR 452.9 million from SAR 492.5 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 2,375.22 2,313.08 (2.6 %)
Gross Income 615.24 663.09 7.8 %
Operating Income 576.61 603.10 4.6 %
Net Income 492.49 452.93 (8.0 %)
Average Shares 738.28 738.28 0.0 %
EPS (Riyals) 0.67 0.61 (8.0 %)

This was attributed to a 3% year-on-year (YoY) decline in Q1 2024 revenues on lower revenues from some segments, especially oil transportation whose revenues decreased YoY by SAR 121 million, due to weak operating activities. Meanwhile, the chemicals transportation segment's revenues increased YoY by SAR 82 million during the same quarter, due to growth in operating activities and shipping rates for this segment.

 

This is in addition to a SAR 67 million fall in net profits of the company’s share in the results of equity accounted investees compared with a year earlier.

 

The logistics segment's gross profit also dropped YoY by SAR 60 million due to the decline in operating activities compared with the same quarter last year.

 

However, this was offset by a SAR 48 million YoY increase in gross profit in Q1 2024, driven by the improvement in the operating activities of some segments.

 

Sequentially, the three-month net earnings leapt 12.9% from SAR 401.23 million in Q4 2023, mainly spurred by a 14% hike in revenues and a SAR 147 million increase in gross profit.

 

Total shareholders’ equity, after minority interest, leapt to SAR 12.29 billion by the end of Q1 2024, from SAR 10.98 billion in the corresponding period of the year before.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q4 2022 2,717.50 75.7 % 684.76 223.1 % 578.12 528.5 % 0.78
Q1 2023 2,375.22 50.4 % 615.24 293.9 % 492.49 658.9 % 0.67
Q2 2023 2,352.18 18.0 % 580.72 135.1 % 495.38 287.0 % 0.67
Q3 2023 2,026.66 (11.6 %) 360.74 (5.9 %) 224.34 (16.9 %) 0.30
Q4 2023 2,023.44 (25.5 %) 516.43 (24.6 %) 401.23 (30.6 %) 0.54
Q1 2024 2,313.08 (2.6 %) 663.09 7.8 % 452.93 (8.0 %) 0.61

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2022 17.14 % 30.63 % 10.27 %
Q1 2023 20.58 % 33.11 % 13.77 %
Q2 2023 23.25 % 35.46 % 16.29 %
Q3 2023 23.67 % 35.92 % 15.30 %
Q4 2023 23.62 % 36.86 % 14.72 %
Q1 2024 24.34 % 38.08 % 14.32 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2022 738.28 1.41 1.19 14.21
Q1 2023 738.28 1.99 1.75 14.88
Q2 2023 738.28 2.49 2.15 15.21
Q3 2023 738.28 2.42 1.96 15.51
Q4 2023 738.28 2.19 1.75 16.04
Q1 2024 738.28 2.13 1.69 16.65

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2022 13.95 16.48 1.38
Q1 2023 10.89 12.38 1.46
Q2 2023 9.01 10.42 1.47
Q3 2023 9.78 12.09 1.53
Q4 2023 10.09 12.60 1.38
Q1 2024 12.48 15.74 1.60

Business Segments (Million)

Compared With The
Period Oil transport Petrochemical transport Logistics Transport of bulk cargo Non-sectoral items Eliminations
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 -
Q4 2022 1,677.15 677.55 286.51 74.69 1.61 -
Q1 2023 1,354.75 718.98 225.41 71.41 4.68 -
Q2 2023 1,390.13 663.74 225.81 70.03 2.48 -
Q3 2023 1,111.57 621.02 220.17 71.10 2.81 -
Q4 2023 939.37 719.46 291.93 68.38 4.30 -
Q1 2024 1,234.24 800.55 192.88 83.30 2.11 -

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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