Saudi "Bahri" increases its profits 114% in the third quarter

The National Shipping Company of Saudi Arabia (Maritime) achieved a growth of 113.8% in its third quarter 2020 profits to reach 313.7 million riyals, compared to 146.7 million riyals in the corresponding period of the year The past.

According to Arabiya Net, the profits of the third quarter decreased by 58.7%, compared to those profits achieved in the previous quarter, which were 760.6 million riyals.

During the first nine months of 2020, Al Bahri achieved profits of 1.49 billion riyals, compared to 371.6 million riyals, in the corresponding period of last year with a growth of 301.9%. < / p>

Al-Bahri said that the increase in net profit during the current quarter compared to the same quarter of the previous year is due to the increase in revenues from several different operating sectors mainly supported by the growth achieved in the transportation sector. Crude oil as a result of the hike in transportation rates.

and the zakat and income tax expense decreased as a result of reversing the deferred tax provision, in implementation of Royal Order No. M / 153 amending Article 2 (a) of the Saudi Income Tax Law (the order) And it was approved that the shares of listed companies in the Kingdom of Saudi Arabia that are directly or indirectly owned by companies operating in the production of oil and hydrocarbons are subject to zakat instead of income tax.

and financing expenditures witnessed a decrease during the current quarter compared to the same quarter of the previous year.

and on the reasons for the increase in profits during the nine-month period, Al-Bahri attributed them to the increase in revenues from several operating sectors mainly supported by the growth achieved in the crude oil transport sector due to the high rates of transport prices in addition to To increase transfers during the period.

and she said that what supported the nine-month profits was the decrease in financing expenditures compared to the same period of the previous year, in addition to recording profits in the group's share of investments in associates during the current period. Compared to realized losses during the same period of the previous year.