16 JAN 2017
16 January 2017
| ELEMENT | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | % CHANGE CURRENT | PREVIOUS QUARTER | % CHANGE PREVIOUS |
|---|---|---|---|---|---|
| Net profit (loss) | 327.82 | 566.4 | -42.12 | 318.37 | 2.97 |
| Gross profit (loss) | 363.79 | 689.63 | -47.25 | 255.81 | 42.21 |
| Operational profit (loss) | 349.92 | 594.87 | -41.18 | 230.14 | 52.05 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| ELEMENT | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | % CHANGE |
|---|---|---|---|
| Net profit (loss) | 1,762.35 | 1,817.58 | -3.04 |
| Gross profit (loss) | 1,939.99 | 2,196.52 | -11.68 |
| Operational profit (loss) | 1,830.76 | 1,980.03 | -7.54 |
| Earning or loss per share, Riyals | 4.48 | 4.62 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| ELEMENT | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The decrease in net income for the current quarter compared to the corresponding quarter of previous year is mainly due to: -Lower spot market rates in general and specifically in Oil transportation. - Increase in bunker costs as a result of higher oil and bunker prices during the current quarter compared to the corresponding quarter of 2015. - The Operational efficiency and savings contributed in limiting the impact of lower Spot market rates during the current quarter compared to the corresponding quarter of 2015. - Operating revenues and operating income of General Cargo Transportation sector has increased during the current quarter as a result of improving the operational efficiency in the sector. - The company fleet expansion limited the impact of lower spot markets rates during the current quarter compared to the corresponding quarter of 2015. |
| Reasons of increase (decrease) for period compared with same period last year | The decrease in net income for the current period compared to the corresponding period is mainly due to: - Lower spot market rates in general and specifically in Oil transportation. - A decrease in the company share in profits of Petredec limited (30.3% owned by Bahri). - An increase in financing charges as a result of an increase in SAIBOR & LIBOR rates during the current period compared to the corresponding period of 2015 as well as adding new financing facilities to fund the fleet expansion of the company. - The company expanded its fleet by adding 10 vessels, which represent 14% increase to the entire fleet, which limited the impact of lower spot markets rates during the current period compared to the corresponding period of 2015. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The increase in net income for the current quarter compared to the previous quarter is mainly due to: - Increase in operating revenues due to an increase in Time Charter Equivalent (TCE) rate in crude oil transportation during the current quarter compared to the previous quarter. - Increase in General Cargo Transportation sector results due to the operational efficiency and increase in carried volume. - Increase in the company share in profits of Petredec limited (30.3% owned by Bahri) by SAR 43 million during the current quarter compared to the previous quarter. |
| Reclassifications in quarterly financial results | Some items have been reclassified for comparison purposes. |
| Other notes | Total revenues for the current quarter has amounted SAR 1,658 million compared to total revenues of SAR 2,111 million in the corresponding quarter of last year, representing a decrease that is equal to 21%. Additionally, total revenues for the the twelve months period decreased by 9% compared to last year as it decreased from SAR 7,464 million in 2015 to SAR 6,786 million in 2016. As per the owners equity (excluding minority interest), it increased by 8% from SAR 9,285 millions as of 31 December 2015 to SAR 10,061 millions as of December 2016. |