Bahri H1 2024 net profit rises 20% to SAR 1.18B, Q2 at SAR 733.2M

Bahri H1 2024 net profit rises 20% to SAR 1.18B, Q2 at SAR 733.2M

28/07/2024 Argaam Exclusive

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National Shipping Company of Saudi Arabia (Bahri) reported a net profit of SAR 1.18 billion in H1 2024, an increase of 20% from SAR 987.8 million in a year earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 4,727.40 5,025.33 6.3 %
Gross Income 1,195.96 1,532.64 28.2 %
Operating Income 1,095.33 1,367.31 24.8 %
Net Income 987.87 1,186.12 20.1 %
Average Shares 738.28 738.28 -
EPS (Riyals) 1.34 1.61 20.1 %
The company's revenue increased from various segments, particularly chemicals transportation whose revenue grew by SAR 256 million, followed by logistics with a revenue increase of SAR 81 million, and the dry bulk segment with SAR 58 million.
 
Bahri reported an increase in gross profit by SAR 337 million due to the improvement of in both operating performance and global shipping rates. Bahri also reported an increase in finance income by SAR 22 million during the current period.


Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 2,352.18 2,712.26 15.3 %
Gross Income 580.72 869.56 49.7 %
Operating Income 518.71 764.21 47.3 %
Net Income 495.38 733.19 48.0 %
Average Shares 738.28 738.28 -
EPS (Riyals) 0.67 0.99 48.0 %

Q2 2024 net profit rose 48% to SAR 733.2 million, compared to SAR 495.38 million in Q2 2023.

 

Q2 2024 gross profit increased by SAR 289 million due to improved operating performance and improved global shipping rates. The chemicals transportation segment’s gross profit increased by SAR 167 million, and oil transportation gained SAR 86 million during the current quarter compared with same quarter of the previous year.

 

Conversely, general, and administrative expenses increased by SAR 43 million during the current quarter compared with same quarter of the previous year.

 

On a quarterly basis, net earnings jumped 61.9% from SAR 452.9 million in Q1 2024.
Total shareholders’ equity, after minority interest, reached SAR 12.63 billion by June 30, 2024, compared to SAR 11.22 billion in prior-year period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2022 2,292.72 73.6 % 383.24 187.9 % 381.50 325.3 %
Q4 2022 2,717.50 75.7 % 684.76 223.1 % 604.24 268.5 %
Q1 2023 2,375.22 50.4 % 615.24 293.9 % 576.61 409.2 %
Q2 2023 2,352.18 18.0 % 580.72 135.1 % 518.71 162.9 %
Q3 2023 2,026.66 (11.6 %) 360.74 (5.9 %) 421.28 10.4 %
Q4 2023 2,023.44 (25.5 %) 516.43 (24.6 %) 418.20 (30.8 %)
Q1 2024 2,313.08 (2.6 %) 663.09 7.8 % 603.10 4.6 %
Q2 2024 2,712.26 15.3 % 869.56 49.7 % 764.21 47.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2022 269.87 1400.0 % 0.37 5.63 264.24 0.36
Q4 2022 578.12 528.5 % 0.78 154.21 423.92 0.57
Q1 2023 492.49 658.9 % 0.67 16.76 475.74 0.64
Q2 2023 495.38 287.0 % 0.67 72.65 422.73 0.57
Q3 2023 224.34 (16.9 %) 0.30 98.01 126.33 0.17
Q4 2023 401.23 (30.6 %) 0.54 133.59 267.64 0.36
Q1 2024 452.93 (8.0 %) 0.61 21.65 431.28 0.58
Q2 2024 733.19 48.0 % 0.99 76.17 657.02 0.89

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 % 37.03 % 15.30 %
Q4 2023 23.62 % 38.06 % 14.72 %
Q1 2024 24.34 % 39.29 % 14.32 %
Q2 2024 26.55 % 41.06 % 16.33 %


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
Q2 2024 738.28 2.45 2.01 17.11

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
Q2 2024 10.70 13.07 1.53

Business Segments (Million)

Compared With The
Period Oil transport Petrochemical transport Logistics Transport of bulk cargo Other 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 -
Q2 2024 1,340.61 920.04 307.30 128.41 15.90 -


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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