The main reason for the increase in net profit during the current quarter compared to the same quarter of last year is:

– The increase in revenues by 54% and this is due to the improvement in multiple sectors especially in the oil transportation sector where its revenues have increased by the amount of SR 222 million as well as the increase in the chemicals transportation sector revenue by the amount of SR 121 million, due to the improvement in global shipping rates and the increase in shipping operations as well as the additions of new vessels in Bahri fleet.

– The increase in the group’s share in results of equity accounted investee by the amount of SR 24.8 million during the current quarter compared to the same quarter last year.

– The increase in net profits have been limited due to the decrease in other income by the amount of SR 16.4 million and the increase in the finance cost by the amount of SR 12 million during the current quarter compared to the same quarter last year.

The main reason for the increase in net profit in the current quarter compared to the previous quarter is:

– The increase in revenues by 26% and this is due to the improvement in multiple sectors especially in the oil transportation sector where its revenues have increased by the amount of SR 229 million as well as the increase in the chemicals transportation sector revenue by the amount of SR 113 million, due to the improvement in global shipping rates and the increase in shipping operations as well as the additions of new vessels in Bahri fleet.

The increase in the group’s share in results of equity accounted investee by the amount of SR 16.5 million during the current quarter compared to pervious quarter.
– While the increase in finance cost by the amount of SR 19.3 million have limited the increase in net profits during the current quarter compared to the previous quarter.
The main reason for the increase in net profit during the current period compared to the same period of last year is:

– The increase in revenues by 44% and this is due to the improvement in multiple sectors especially in the oil transportation sector where its revenues have increased by the amount of SR 607 million as well as the increase in the chemicals transportation sector revenue by the amount of SR 260 million, due to the improvement in global shipping rates and the increase in shipping operations as well as the additions of new vessels in Bahri fleet.

– While the increase in the provision of doubtful debts by the amount of SR 16.4 million and the decrease in other income by the amount of SR 15.9 million and the decrease the group’s share in results of equity accounted investee by the amount of SR 13.2 million, have limited the increase in net profits during the current period compared to the same period of last year.

Certain comparative figures of the prior period have been reclassified to match with the presentation of the current period.
Source: The National Shipping Company of Saudi Arabia