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The National Shipping Company of Saudi Arabia, which trades as BAHRI, saw its profits jump by 411 percent in Q4 compared to Q3 in 2021, but it fell by 87 percent for the year overall. Growth in the fourth quarter has been attributed to increased revenue from the oil sector.
In its interim financial statement for the 12 months ending December 31, 2021, to the Saudi Stock Exchange, Tadawul, the company said there had been in improvement in several sectors, especially the oil sector, in the final quarter of the year.
However, for 2021, the company saw revenue from the oil sector fall by 49 percent to SAR 2.988 billion as shipping rates and operations decreased for the 12- month period.
The company reported net profit of SAR 91.98 million for the fourth quarter of 2021, up by 411 percent from Q3, and up by 18.6 percent for the same period in 2020.
Meanwhile revenue for the quarter was up to SAR 1.546 billion by 22 percent from Q4 2020 and up by 17 percent quarter-on-quarter.
As well as an increase in revenue from the oil sector, the company saw its other income increase by SAR 27.8 million, as well as a reduction in administrative expenses by SAR 19 million.
Operating costs increased due to growth in bunker prices during the quarter, the company said.
For the whole of 2021, revenue reached SAR 5.351 billion, down 36 percent in comparison with 2020, with revenue from the oil sector down 49 percent to SAR 2.988 billion.
Net profit for the year was SAR 192 million, down by 87.75 percent from SAR 1.571 billion in 2020.
(Reporting by Imogen Lillywhite, editing by Seban Scaria)
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