Riyadh – Mubasher: The net profit of National Shipping Company of Saudi Arabia (Bahri) surged by 20.06% year-on-year (YoY) to SAR 1.18 billion during the first half (H1) of 2024 from SAR 987.87 million.
The company’s revenue rose by 6.30% YoY to SAR 5.02 billion in H1-24 from SAR 4.72 billion in H1-23, according to interim financial results.
The earnings per share (EPS) hit 1.61 SAR from January until the end of June, from SAR 1.34 in the corresponding period a year earlier.
Quarterly Results
During the second quarter (Q2) of 2024, Bahri’s net profit leapt by 48% to SAR 733.19 million from SAR 495.38 million.
Sales increased by 15.30% to SAR 2.71 billion in Q2-24 from SAR 2.35 billion.
Quarter-on-quarter (QoQ), the company’s net profit soared by 61.87% in Q2-24 from SAR 452.93 million in previous quarter, while sales grew by 17.25% from SAR 2.31 billion.
It is worth noting that Bahri logged an 8.03% YoY decline in net profit to SAR 452.93 million in Q1-24 from SAR 492.49 million.
