Saudi state-owned shipping firm the National Shipping Company of Saudi Arabia(Bahri) saw its bottomline fall 16.87% y-o-y to SAR 224.34 mn in 3Q 2023, according to an earnings release. The company recorded SAR 2 bn in revenues during the quarter, down 11.60% y-o-y.

On a 9M basis: Bahri’s net income saw a 161.93% y-o-y jump to SAR 1.2 bn in 9M 2023, the earnings release adds. The company’s topline also rose 15.16% y-o-y to SAR 6.75 bn during the same period.

Increased interest rates + shipping rates underpin the fall: Higher operating costs for its logistics segment underpinned the fall in net income during the quarter, the company said, attributing it to increasing interest rates. Some SAR 100 mn in ins. claims and vessel sales helped limit the decline, it added. On a quarterly basis, the company attributed the decline in net income to its oil and transportation sector performance, which saw a SAR 279 mn decline in revenues due to falling shipping rates, it added.

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