National Shipping of Saudi Arabia : announces its Annual Financial Results ...
March 15, 2023 at 04:50 am
Share
14 MAR 2023
Element List
Current Year
Previous Year
%Change
Sales/Revenue
8,582.58
5,351.08
60.39
Gross Profit (Loss)
1,471.13
556.5
164.35
Operational Profit (Loss)
1,493.29
424.83
251.5
Net Profit (Loss) after Zakat and Tax
1,040.91
192.43
440.93
Total Comprehensive Income
1,075.13
210.93
409.71
Total Share Holders Equity (after Deducting Minority Equity)
10,491.15
9,413.11
11.45
Profit (Loss) per Share
2.11
0.39
All figures are in (Millions) Saudi Arabia, Riyals
Element List
Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is
The main reason for the increase in net profit during the current year compared to last year is:
- The increase in revenues which is due to the improvement in all sectors performance especially in the oil transportation sector where its revenues have increased by the amount of SR 2,017 million as well as the increase in the chemicals transportation sector revenues by the amount of SR 833 million, due to the improvement in shipping rates and the increase in shipping operations as well as the additions of new vessels in Bahri fleet.
- The increase in other income by the amount of SR 161 million during the current year compared with last year which is supported by the realized capital gain by the amount of SR 160 million from disposal of vessels within the fleet modernization plan.
- While the increase in the finance cost by the amount of SR 117 million has limited the increase in net profits during the current year compared with last year.
Statement of the type of external auditor's report
Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion
None
Reclassification of Comparison Items
Certain comparative figures of the previous year have been reclassified to match with the presentation of the current year.
Bahri - The National Shipping Company of Saudi Arabia JSC published this content on 14 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2023 08:49:13 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.