The National Shipping Company of Saudi Arabia (Bahri) achieved a 48.99% growth in net profit for the first quarter 2022, to reach 64.9 million riyals after zakat and tax, compared to 43.56 million riyals in the first quarter of 2021.
According to Arabiya Net, the company's net profit fell on a quarterly basis by 29.44%, compared to a net profit of about 91.98 million riyals in the fourth quarter of 2021.
The company said in a statement, that the main reason for the increase in net profit during the first quarter of this year compared to the same quarter of the previous year is due to an increase in revenues by 32.8% as a result of The performance of several sectors improved, especially the crude oil transport sector, whose revenues increased by 219 million riyals, supported by the improvement in transport prices in addition to the increase in transport operations.
Al-Bahri added that the increase in profits is also due to a decrease in financing expenses by 6.9 million riyals, in addition to a decrease in general and administrative expenses by 2.4 million riyals during the first quarter of the year. current compared to the same quarter of the previous year.
It clarified that the decrease in the company's share in companies invested by equity method amounted to 37.9 million riyals, and the increase in the provision for doubtful debts amounted to 17.2 million riyals during the first quarter. From 2022, led to a limit rise in net profit.
