The net profit of the Saudi national shipping company “Bahri” increased by 48.99% in the first quarter of 2022, to 64.9 million riyals after zakat and taxes, compared to 43.56 million riyals in the first quarter of. 2021.
On a quarterly basis, Bahri’s net profit decreased by 29.44%, compared to a net profit of approximately 91.98 million riyals in the fourth quarter of 2021.
Bahri Company stated in a statement on Saudi Tadawul today, Sunday, that the main reason for the increase in net profit during the first quarter of questyear compared to the same quarter of the previous year is due to an increase in revenues of 32.8% due to the improvement in performance from different sectors, in particular of the crude oil transport sector, whose revenues increased by 219 million riyals, supported by the improvement in transport prices as well as by the increase in transport operations.
Al-Bahri added that the increase in profits was also due to a decrease in financing expenses of 6.9 million riyals, as well as a decrease in general and administrative expenses of 2.4 million riyals in the first quarter of. questyear compared to the same quarter of the previous year.
He explained that the decrease in the share of the company in companies invested under the equity method for an amount of 37.9 million riyals, and the increase in the bad debt provision of 17.2 million riyals in the first quarter of 2022, led to the limitation of the increase in net profit .
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