Riyadh – Mubasher: The National Shipping Company of Saudi Arabia (Bahri) witnessed 161.93% higher net profits after Zakat and tax at SAR 1.21 billion during the first nine months (9M) of 2023.
The recorded net profits were compared with SAR 462.79 million in the January-September 2022 period, according to the interim financial results.
The earnings per share (EPS) stood at SAR 1.64 in 9M-23, marking a year-on-year (YoY) surge from SAR 0.63.
Revenues enlarged by 15.16% YoY to SAR 6.75 billion as of 30 September 2023 from SAR 5.86 billion.
Income Statements for Q3-23
In the third quarter (Q3) of 2023, the net profits after Zakat and tax of Bahri amounted to SAR 224.34 million, down 16.87% from SAR 269.87 million in Q3-22.
The company posted an annual drop of 11.60% in revenue to SAR 2.02 billion during the July-September 2023 period, compared to SAR 2.29 billion.
On a quarterly basis, the Q3-23 net profits plummeted by 54.71% from the SAR 495.38 million reported in Q2-23, while the revenues declined by 13.84% from SAR 2.35 billion.
