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Earnings season is in full swing with 2Q reports shuffling in, here’s how some of our regional logistics players are faring this morning…
BAHRI-
Saudi national shipping company Bahri’s 2Q 2024 bottom line rose by 48% y-o-y to SAR 733 mn, up some 61% from 1Q, according to a statement (pdf). The firm’s topline grew by 15% y-o-y to reach SAR 2.71 bn, rising around 17.2% q-o-q from SAR 2.31 bn.
A wider look at 1H performance: Bahri’s bottomline grew by 20% y-o-y to SAR 1.19 bn in 1H 2024, attributed to cost efficiency solutions, the statement said. The firm’s topline rose by 6% y-o-y to SAR 5.03 bn in 1H.
Behind the numbers: The boost to net gain was driven by growing operational activities and the improvement of global shipping rates, which caused a spike in revenues across a variety of sectors, including logistics, chemical transportation, and dry bulk, says the statement. A drop in oil transportation revenues was counterbalanced by a rise in global shipping rates, which have buoyed the firm’s earnings.
What they said: “Our success was driven by optimized fleet management and route
efficiency, supported by improved market conditions for VLCCs and chemical tankers,” said CEO Ahmed Ali Al Subaey.
Looking ahead: The company is looking to generate further growth through strategic fleet expansion and upgrades, says Al Subaey. The firm will also seek out strategic partnerships to boost its presence in domestic and international markets.
AL SEER MARINE-
Emirati maritime player Al Seer Marine reported AED 966.8 mn in losses in 2Q 2024, compared to a net income of AED 38 mn in the same period last year, according to its financials (pdf). Revenues rose 1% y-o-y to AED 316.1 mn.
On a six-month basis, the company recorded a net loss of AED 1.68 bn in 1H 2024, 124% steeper than the previous year’s AED 750 mn loss, according to the company’s management report (pdf). This came as direct costs increased as a percentage of revenue to 92%. The International Holding Company subsidiary recorded a 2.8% y-o-y increase in revenues to AED 580 mn during 1H.
NATIONAL MARINE DREDGING COMPANY-
UAE’s National Marine Dredging Company (NMDC) saw its net income climb 42% y-o-y to AED 820.2 mn in 2Q 2024, while revenues increased 91% y-o-y during the quarter to AED 6.78 bn, according to a disclosure (pdf) released last week.
On a six-month basis, NMDC’s net income increased 66% y-o-y in 1H 2024 to AED 1.46 bn, driven by cost optimization measures and technological advancements. Its top line rose 79% y-o-y to AED 12.13 bn, as the company was awarded “several significant contracts” during the period.
NMDC is eyeing an over AED 75 bn project pipeline: NMDC is currently participating in tenders for projects worth AED 75 bn within and outside the MENA region, the company’s CEO Yasser Zaghloul told Asharq Business (watch, runtime, 8:10). NMDC has secured its first project in Europe, and plans to expand its footprint further in the continent and other active global markets, Zaghloul said, without disclosing further details.
