Saudi state-owned shipping firm the ​​National Shipping Company of Saudi Arabia (Bahri) saw its net income rise 287% y-o-y to SAR 495.4 mn in 2Q 2023, on the back of higher shipping rates and gains associated with the disposal of vessels,according to its interim financials. Revenues during the period also rose 18% y-o-y to SAR 2.35 bn, according to the financials.

Driving the increase in 2Q 2023: The surge in net profit comes on the back of enhanced performance in the oil sector, which witnessed a SAR 255 mn increase in revenues during the quarter,the statement added. Its chemicals transportation sector also reported a SAR 209 mn rise in revenues due to the improvement in shipping rates compared to the same quarter in 2022. A SAR 100 mn spike in finance costs, however, restricted the increase in net income during the quarter, according to the financials.

The company’s financial performance also improved in 1H2023: The company’s bottomline jumped 412% y-o-y to SAR 987.9 mn in 1H 2023. Its topline during the period went up by 32.3% y-o-y to SAR 4.7 bn.

ADX-listed mobility solutions company and International Holdings CompanysubsidiaryEasyLease’s bottomline fell 26.58 % y-o-yto AED 16.3 mn in 1H 2023,according to the company’s earnings release (pdf). The company’s topline grew 37.5% y-o-y to AED 139 mn during the same period. The drop in net income comes as the company boosts investments in the development and deployment of new mobility solutions to expand its presence across the region, according to the statement.

Rising demand for delivery motorbikes is behind the uptick in revenues: EasyLease says the UAE is seeing an increase in demand for mobility solutions — and in particular, motorcycles — as e-commerce, F&B, and other business platforms look towards their cost and time efficiency.

Looking ahead: The company is exploring automation solutions — including autonomous vehicles and drones— to boost operational efficiency, it said in the earnings release.

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