Bahri profit up in the third quarter

Bahri_Kahla_16x9

Bahri saw its earnings increase in the third quarter ended September 30, 2019. Specifically, net profit reached SAR 146.7 million (USD 39.1 million), compared to a net profit of SAR 81.28 million (USD 21.6 million) reported in the same period a year earlier.

However, Bahri’s net profit was slightly down when looking at the nine-month period ended September 30, 2019. Compared to the same period in 2018, the company’s net profit dropped by 4.6% to SAR 371.6 million from to SAR 389.8 million.

ELEMENT LIST CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR %CHANGE PREVIOUS QUARTER % CHANGE
Sales/Revenue 1,481.55 1,393.92 6.286 1,440.28 2.865
Gross Profit (Loss) 296.11 203.87 45.244 240.13 23.312
Operational Profit (Loss) 259 139.61 85.516 204.29 26.78
Net Profit (Loss) after Zakat and Tax 146.73 81.28 80.524 45.57 221.988
Total Comprehensive Income 146.5 81.28 80.241 44.93 226.062
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LIST CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR %CHANGE
Sales/Revenue 4,627.61 4,348.21 6.425
Gross Profit (Loss) 962.42 842.12 14.285
Operational Profit (Loss) 840.47 701.97 19.73
Net Profit (Loss) after Zakat and Tax 371.62 389.83 -4.671
Total Comprehensive Income 370.68 389.83 -4.912
Total Share Holders Equity (after Deducting Minority Equity) 8,961.05 9,294.42 -3.586
Profit (Loss) per Share 0.94 0.99
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LIST EXPLANATION
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The increase in net income for the current quarter compared to the corresponding quarter last year are mainly due to:- 

– The increase in returns of several operating segments powered by the growth in logistics services sector.

– The increase in share in results of associates and the gain on disposal of property and equipment during the current quarter compared to the corresponding quarter last year have contributed to limit the impact of the increase in the financing cost, which is mainly due to recording unrealized losses of revaluation of the financial derivatives and adding new loans .

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The increase in net income for the current quarter compared to the previous quarter are mainly due to: 

– The increase in returns of several operating segments powered by the growth in oil sector due to higher transportation rates. In addition to the growth in the logistics services sector.

– Recording profit in share in results of associates comparing to losses in the previous quarter.

Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The decrease in net income for the current period compared to the corresponding period last year are mainly due to: 

– The increase in financing cost, which is mainly due to recording unrealized losses of revaluation of the financial derivatives and adding new loans.

– Despite the growth achieved in the operating profit which is mainly due to the improvement in the performance of oil sector with the improvement in the transportation rates powered by the increase in profit in share result of associates.

Basis of the External Auditor’s Opinion Unmodified opinion
Reclassification of Comparison Items Certain comparative figures of the prior period have been reclassified to conform with the presentation of the current period.
Additional Information The company applied IFRS 16 with a date of initial application of 1 January 2019. The initial application resulted in recognition of right-of-use assets, and additional lease liabilities.

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