The Saudi National Shipping Company achieved a 1.40% jump in net profits for the third quarter of 2022 to reach 269.8 million riyals, compared to 17.99 million riyals in the third quarter of 2021.
According to Arabia Net, Bahri's profits increased on a quarterly basis by 110.8%, from 128 million riyals in the previous quarter.
The main reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is due to:
Revenues increased by 74% as a result of the improvement in the performance of all sectors, especially the crude oil transport sector, whose revenues increased by 646 million riyals, and the chemical transport sector, whose revenues increased by 279 million riyals, as a result of improved transport prices in addition to an increase in transport operations and the addition of new ships to the fleet Maritime.
- A decrease in the provision for doubtful debts by 50 million riyals due to the improvement in the collection of debts of previous years, in addition to the increase in other revenues by 30 million riyals during the current quarter compared to the same quarter of the previous year.
- With regard to the increase in net profit, the increase in financing expenses amounted to 44 million riyals during this quarter compared to the same quarter of the previous year.
