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KSA shipping firm National Shipping Company of Saudi Arabia’s(Bahri) bottomline saw a 50.6% y-o-y rise to SAR 1.6 bn in 2023, according to an earnings release. The company’s topline figures saw a 2.3% y-o-y uptick to SAR 8.8 bn during the same period.
Why the big jump? The company cites improved performance in different operations boosting gross earnings by some SAR 602 mn compared to last year, with a breakdown seeing gross earnings hike SAR 354 mn and SAR 349 y-o-y for the oil transport and chemical transport sectors. Capital gains on the sale of vessels, collections of ins. claims, as well as an uptick in income from Murabaha deposits were also cited as factors shoring up earnings.
Bahri’s 2023 highlights: This year saw Bahri, along with the Suez Canal Authority pour some USD 50 mn to establish an Egyptian joint-stock company for maritime transport. The company also secured an agreement with South Korean ship owner Sinokor that will see the liner charter two newbuild 115k dwt Aframax tankers, dubbed Jill Glory and Sabrina Glory, for a two year period. Bahri is also set to become Saudi railway operator Saudi Arabia Railways ’ (SAR) primary freight forwarding services provider, under a three-year agreement the two companies inked.
