Saudi Arabia’s national shipping company announces revenue increase in 2021

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The main reason for the increase in net profit in the current quarter compared to the same quarter last year is:

-Increase in revenue by 22% and improvement in several sectors, especially the oil sector where revenue increased by an amount of SR 149 million due to improved global shipping rates and the increased shipping operations.

– The increase in other income by an amount of SR 27.8 million, in addition to the decrease in general and administrative expenses by an amount of SR 19 compared to the same quarter of last year.

The increase in operating expenses is mainly due to the increase in bunker prices which limited the increase in profits during the current quarter.

The main reason for the increase in net profit of the current quarter compared to the previous quarter is:

The increase in revenues in several sectors, especially the oil sector, where revenues increased by 21% to SR 159 million in the current quarter compared to the previous quarter due to the increase in global shipping rates and increased shipping operations.

– The decline in revenues of several sectors, in particular the oil sector by 49%, amounting to SR 2,988 million compared to the same period last year, due to the significant drop in shipping rates worldwide in addition to the drop in shipping operations during the current year.

– The decrease in financial charges by an amount of SR 74 million and the decrease in the provision for bad debts by an amount of SR 61 million, in addition to the increase in other income by an amount of SR 57 million, contributed to reducing the impact of lower net profit in the current period compared to the same period last year.

Unmodified Conclusion

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Certain prior period comparative figures have been reclassified to conform to the current period presentation.
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Source: Bahri

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