National Shipping Company of Saudi Arabia announces the annual financial results for the period ending on 31-12-2017

28 February 2018 03:21 PM

BAHRI 4030 21.79% 27.55 4.93

Element	Current year	Previous year	% Change
Net profit (loss)	800.31	1,717.87	-53.41
Earning or loss per share, Riyals	2.03	4.36	-
Gross profit (loss)	1,320.68	1,892.33	-30.21
Operational profit (loss)	1,125.21	1,779.76	-36.78
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	The decrease in net income for the current period compared to the corresponding period is mainly due to:- - Lower in the international spot market rates in general and specifically in oil and chemicals during the year compared to the rates in 2016. - An increase in bunker costs as a result of higher bunker prices during the current year compared to 2016. - A decrease in the share of profits of Petredec limited (30.3% owned by Bahri) by 65 million. - An increase in provision of the withholding tax during the current year compared to 2016 which was a reversal of withholding tax provision by SR 150 million, Which represents a non-recurring event which reflected positively on the net profit for the year 2016. - An increase in the financing expenses during the current year to fund the expansion of Bahri's fleet and the high cost of finance, and the loss of revaluation of financial derivatives. - An increase in general and administrative expenses for the current year compared to last year, mainly due to the reversal of certain provisions and the amortization of certain prepayment expenses. - The addition of new vessels to the Bahri's fleet and the growth in the logistics service sector have contributed to reduce the impact of lower transport prices on the company's performance.
Reclassifications in annual financial results	Certain figures for the comparative period and the implementation of the IFRS, have been reclassified to conform to the current period presentation.
Other notes	Total revenues for the current period is SAR 6,046 million compared to total revenues of SAR 6,788 million in the corresponding period of last year, representing a decrease that is equal to 11%. Total Equity Attributable to Shareholders as at 31 December 2017 is SAR 9,495 million as compared to SAR 9,678 million as at 31 December 2016,with a decrease of 2%. The Total comprehensive income for the period is SAR 808 million compared to the same period last year SAR 1,754 million representing a decrease of 54%.

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