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Bahri profit down 56% in Q4, 29% in FY14

Bahri profit down 56% in Q4, 29% in FY14
BAHRI
4030
16.71% 26.40 3.78
The National Shipping Co. of Saudi Arabia (Bahri) released interim financial results for the fiscal period ending on Dec. 31, 2014.
Q4 net profit reached SAR 123.46 million, falling 55.95% year-on-year from SAR 280.3 million but leaping 45.5% quarter-on-quarter from SAR 84.85 million.
FY2014 net earnings dropped 29.03% to SAR 533.88 million, compared with SAR 752.26 million a year earlier.
The earnings per share grew from SAR 2.39 to SAR 1.58.
Q4 profit decrease y/y was mainly due to decline in the company’s share in profit of Petredec Limited (30.3 % owned by Bahri) by SAR 171.6 million.
Q4 profit growth q/q was driven by increase in the Oil Transportation income as a result of a higher time charter equivalent (TCE) rates of crude oil shipping and the volume of cargo transported.
FY2014 profit decrease was mainly due to decline in the company’s share in profit of Petredec Limited (30.3 % owned by Bahri) by SAR 159.2 million (current period: SAR 132 million and the corresponding period: SAR 291.2 million in net profit).
Photo Credit: Arabianeye-Reuters