National Shipping of Saudi Arabia : announces its Interim Financial Results for...
May 09, 2023 at 04:00 am EDT
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08 MAY 2023
Element List
Current Quarter
Similar Quarter For Previous Year
%Change
Previous Quarter
% Change
Sales/Revenue
2,375.22
1,579.07
50.42
2,717.5
-12.6
Gross Profit (Loss)
615.24
156.17
293.95
684.76
-10.15
Operational Profit (Loss)
609.24
119.06
411.71
760.07
-19.84
Net Profit (Loss) after Zakat and Tax
492.49
64.9
658.84
578.12
-14.81
Total Comprehensive Income
492.62
76.89
540.68
576.56
-14.56
All figures are in (Millions) Saudi Arabia, Riyals
Element List
Current Period
Similar Period For Previous Year
%Change
Total Share Holders Equity (after Deducting Minority Equity)
10,983.77
9,490
15.74
Profit (Loss) per Share
1
0.13
All figures are in (Millions) Saudi Arabia, Riyals
Element List
Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is
The main reason for the increase in net profit during the current quarter compared to the same quarter of last year is:
-The increase in revenues due to the improvement of performance in multiple sectors especially the oil transportation sector where its revenue has increased by the amount of SR 449 million, as well as the increase in the chemicals transportation sector revenue by the amount of SR 377 million, due to the improvement in shipping rates prices and the increase in shipping operations as well as the additions of new vessels in Bahri fleet.
-The increase in the group's share in results of equity accounted investee companies by the amount of SR 96 million during the current quarter compared to the same quarter last year.
-While the increase in finance costs by the amount of SR 117 million, have limited the increase in profits during the current quarter compared to the same quarter last year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is
The main reason for the decrease in net profit in the current quarter compared to the previous quarter is:
-The decrease in other income by the amount of SR 123 million, due to capital gains in the previous quarter by the amount of SR 154 million compared to SR 17 million in the current quarter due to dispose of some vessels within the fleet modernization plan.
-The decrease in revenues from some sectors especially the oil transportation sector due to the decline in global shipping rates prices.
-The increase in finance costs by the amount of SR 36 million during the current quarter compared with the previous quarter.
-While the increase in the group's share in results of equity accounted investee companies by the amount of SR 88 million and the decrease in general and administrative expenses by the amount of SR 28 million, have contributed to reduce the impact of the decrease in net profit during the current quarter compared to the previous quarter.
Statement of the type of external auditor's report
Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion
None
Reclassification of Comparison Items
Certain comparative figures of the prior period have been reclassified to match with the presentation of the current period.
Bahri - The National Shipping Company of Saudi Arabia JSC published this content on 08 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2023 07:59:06 UTC.
National Shipping Company of Saudi Arabia SJSC is a Saudi Arabia-based entity which is primarily engaged in purchasing, selling and operating of vessels. The Companyâs activity also includes operating vessels for the transportation of cargo, and agencies for maritime shipping companies, cargo clearance, and consolidation for transport and storage on board vessels and all of the marine transport activities, etc. The Company is organized into four business segments which include crude oil transportation, chemicals transportation, logistics and dry bulk transportation. The Company's subsidiaries include National Chemical Carriers Company Limited, Bahri Bunge Dry Bulk DMCC, Bahri Bollore Logistics Company, Mideast Ship Management Limited, among others.