National Shipping Company of Saudi Arabia “Bahri” (4030) reported quarterly net profits exceeding SAR 733 million, a 48% YoY hike.
Strong Quarter
Bahri reported strong performance during the second quarter of 2024, with its gross profit rising by SAR 289 million.
This was due to improved operational performance and global shipping rates across several group sectors.
Additionally, its share of profits in equity-accounted investees increased by SAR 24 million.
So what
Bahri’s revenues grew by 15.3% YoY in Q2, reaching some SAR 2.7 billion.
The company describes itself as a “global leader” in maritime logistics, with a large fleet of 95 modern and advanced vessels, enabling it to serve over 150 ports worldwide.
The Public Investment Fund holds about 22.5% of its shares, while Saudi Aramco Development Company (SADCO) holds 20%.
Some context
The company’s net profits surged to about SAR 1.18 billion in the first six months of the year, compared to approximately SAR 988 million during the same period last year.
Abdullah AlRebdi, the Managing Director and CEO of “Rassanah Capital”, praised Bahri’s results, considering them surprising.
He noted that the current quarter is the best for the company in nearly 5 years and the second-best result in 10 years.
AlRebdi added in an interview with Al Arabiya Business that the company has seen a rise in revenues across all its sectors, with significant improvements in revenue and operations, and increased profit margins.
