Riyadh – Mubasher: National Shipping Company of Saudi Arabia (Bahri) recorded an 8.03% decrease in net profit to SAR 452.93 million during the first quarter (Q1) of 2024 from SAR 492.49 million in Q1-23.

Bahri attributed the annual plunge in net profit to 2.61% lower revenues at SAR 2.31 billion in the January-March 2024 period compared with SAR 2.37 billion in the same three months (3M) a year earlier.

The earnings per share declined to SAR 0.61 in Q1-24 from SAR 0.67 in Q1-23, according to the initial financial results.

On a quarterly basis, the Q1-24 net profits of Bahri were 12.88% higher than SAR 401.23 million in Q4-23, whereas the revenues increased by 14.31% from SAR 2.02 billion.

It is worth noting that the listed company generated SAR 1.61 billion worth of net profits in 2023 and its board proposed cash dividends totalling SAR 406.05 million for the full year.