The profits of the National Shipping Company of Saudi Arabia increased by 18.62% to reach, after zakat and tax, 91.98 million riyals in the fourth quarter of 2021, compared to about 77.54 million riyals, profits for the fourth quarter of 2020.
According to Arabia Net, on a quarterly basis, Bahri's profits increased by 411.28%, compared to a net profit of about 17.99 million riyals in the third quarter of 2021.
Bahri said in a statement on Saudi Arabia’s Tadawul today, Monday, that the main reason for the increase in net profit during the fourth quarter of 2021, on an annual basis, is due to an increase in revenues by 22% with the improvement in the performance of several sectors, especially the crude oil transportation sector, which revenues increased by 149 million riyals, supported by the improvement in transport prices in addition to an increase in transport operations.
Other revenues increased by 27.8 million riyals, in addition to a decrease in general and administrative expenses by 19 million riyals during the fourth quarter of 2021 compared to the same quarter of the year 2020.
The company indicated that the increase in operating costs due to the increase in fuel prices led to a limitation of profit growth during the fourth quarter of 2021.
During the year 2021, Bahri’s profits declined by 87.75% in 2021 to 192.43 million riyals, after zakat and tax, compared to a net profit of about 1.57 billion riyals in 2020.
Bahri said that the main reason for the decrease in net profit during 2021 compared to 2020 is due to the decrease in revenues from several sectors, especially the crude oil transport sector, by 49%, at an amount of 2.988 billion riyals, due to the sharp decline in international transport rates, in addition to the decrease in transport operations during 2021. .
