The National Shipping Company of Saudi Arabia (Bahri) announces its interim financial results for the period ending on 30-06-2025 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 2,461.32 | 2,712.26 | -9.252 | 2,166.64 | 13.6 |
| Gross Profit (Loss) | 660.63 | 869.56 | -24.027 | 612.42 | 7.872 |
| Operational Profit (Loss) | 520.17 | 842.01 | -38.222 | 544.67 | -4.498 |
| Net profit (Loss) | 407.45 | 733.19 | -44.427 | 532.82 | -23.529 |
| Total Comprehensive Income | 378.55 | 745.22 | -49.202 | 501.97 | -24.587 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 4,627.96 | 5,025.33 | -7.907 |
| Gross Profit (Loss) | 1,273.05 | 1,532.64 | -16.937 |
| Operational Profit (Loss) | 1,064.84 | 1,467.96 | -27.461 |
| Net profit (Loss) | 940.27 | 1,186.12 | -20.727 |
| Total Comprehensive Income | 880.52 | 1,198.25 | -26.516 |
| Total Shareholders Equity (after Deducting Minority Equity) | 13,767.45 | 12,630.77 | 8.999 |
| Profit (Loss) per Share | 1.02 | 1.29 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The main reason for the decrease in revenues during the current quarter compared to the same quarter of the last year was due to:
- The decrease in the revenues of several business units, particularly Bahri Chemicals BU whose revenue decreased by SAR 153 million, and Bahri Oil BU whose revenue decreased by SAR 48 million due to the decline in global shipping rates during the current quarter compared to the same quarter of the last year. |
| 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 decrease in net profit during the current quarter compared to the same quarter of the last year was due to:
- The decrease in gross profit by SAR 209 million, which is mainly due to the decline in global shipping rates across some of the Group’s business units, as Bahri Chemicals BU recorded a decrease by SAR 171 million and Bahri Integrated Logistics BU by SAR 28 million during the current quarter compared to the same quarter of the last year.
- The decrease in other income by SAR 66 million during the current quarter compared to the same quarter of last year, mainly due to the recognition of capital gains of SAR 76 million from the sale of vessels in the same quarter of last year, while no capital gains were realized from asset disposals during the current quarter.
- The increase in finance costs by SAR 38 million during the during the current quarter compared to the same quarter of last year.
- The increase in general and administrative expenses by SAR 37 million during the current quarter compared to the same quarter of last year.
- The decrease in the Company’s share of results of equity-accounted investees by SAR 28 million during the current quarter compared to the same quarter of last year. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The main reason for the increase in revenues during the current quarter compared to the previous quarter was due to:
- The increase in the Group’s revenue by SAR 295 million was mainly driven by the improvement in global shipping rates and increased operational activities, as revenues from Bahri Oil BU increased by SAR 197 million, Bahri Chemicals BU by SAR 71 million, and Bahri Integrated Logistics BU by SAR 11 million during the current quarter compared to the previous quarter. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The main reason for the decrease in net profit during the current quarter compared to the previous quarter was due to:
- The decrease in the Company’s share of results of equity-accounted investees by SAR 101 million during the current quarter compared to the previous quarter.
- The increase in general and administrative expenses by SAR 57 million during the current quarter compared to the previous quarter.
- The increase in finance costs by SAR 36 million during the current quarter compared to the previous quarter.
While the decrease in net profit was partially offset by the following:
- The increase in the Group’s gross profit by SAR 48 million, mainly driven by the improvement in global shipping rates and enhanced operational performance in certain sectors, particularly Bahri Oil BU which reported an increase of SAR 78 million during the current quarter compared to the previous quarter. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The main reason for the decrease in revenues during the current period compared to the same period of the last year was due to:
- The decrease in the Group’s revenue by SAR 397 million, mainly driven by the decline in global shipping rates across certain sectors, as revenues from Bahri Chemicals BU recorded a decrease by SAR 258 million and Bahri Oil BU by SAR 188 million during the current period compared to the same period of the last year.
While the decrease in revenues was partially offset by:
- The increase in revenue from Bahri Integrated Logistics BU by SAR 42 million during the current period compared to the same period of the last year. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The main reason for the decrease in net profit during the current period compared to the same period of the last year was due to:
- The decrease in gross profit by SAR 260 million, mainly due to the decline in global shipping rates across some of the Group’s business units. As the gross profit of Bahri Chemicals BU decreased by SAR 268 million and Bahri Oil BU by SAR 29 million during the current period compared to the same period of the last year.
- The decrease in other income by SAR 77 million during the current period compared to the same period of the last year, mainly due to the recognition of capital gains from vessel sales amounting to SAR 98 million in the same period of the last year, compared to only SAR 7 million in the current period.
- The increase in general and administrative expenses by SAR 57 million during the current period compared to the same period of the last year.
- The decrease in finance income by SAR 23 million during the current period compared to the same period of the last year.
While the decrease in net profit was partially offset by:
- The increase in the Company’s share in results of equity accounted investees by SAR 125 million during the current period compared to the same period of the last year.
-The increase in gross profit of Bahri Integrated Logistics BU by SAR 37 million, driven by improved operational performance during the current period compared to the same period of the last year. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None. |
| Reclassification of Comparison Items | None. |
| Additional Information | The calculation of earnings per share for the corresponding period of the previous year was based on the weighted average number of shares (922,852 thousand shares), due to the increase in the Company’s share capital from SAR 7.3 million to SAR 9.2 million, which was approved by the Extraordinary General Assembly held on 29 June 2025.
For more information, please refer to the Earnings Release attached to the announcement. |
| Attached Documents |  |
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