National Shipping Company of Saudi Arabia (Bahri) recorded SAR 492.49 million in net profit after Zakat and tax during the first quarter (Q1) of 2023, higher by 658.84% than SAR 64.90 million in Q1-22.

Bahri posted revenues valued at SAR 2.37 billion in Q1-23, an annual surge of 50.42% from SAR 1.57 billion, according to the initial income statements.

Earnings per share (EPS) hit SAR 1 during January-March 2023, versus SAR 0.13 in the year-ago period.

On a quarterly basis, the Q1-23 net profits after Zakat and tax dropped by 14.81% from SAR 578.12 million in Q4-22, while the revenues fell by 12.60% from SAR 2.71 billion.

As for the 2022 financials, the Saudi firm registered a 440.93% year-on-year (YoY) hike in net profit after Zakat and tax to SAR 1.04 billion, compared to SAR 192.43 million.

Last March, the company’s board members recommended a 50% capital hike through the bonus shares, in addition to disbursing SAR 246.09 million as cash dividends for 2022.

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