{"id":70674,"date":"2023-05-10T00:00:00","date_gmt":"2023-05-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/10\/bahris-bottom-line-sees-659-jump-in-1q-2023-air-arabia-reeled-in-aed-291-mn-in-1q-2023\/"},"modified":"2023-05-10T00:00:00","modified_gmt":"2023-05-10T00:00:00","slug":"bahris-bottom-line-sees-659-jump-in-1q-2023-air-arabia-reeled-in-aed-291-mn-in-1q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/10\/bahris-bottom-line-sees-659-jump-in-1q-2023-air-arabia-reeled-in-aed-291-mn-in-1q-2023\/","title":{"rendered":"Bahri\u2019s bottom line sees 659% jump in 1Q 2023 + Air Arabia reeled in AED 291 mn in 1Q 2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Bahri\u2019s net income rises more than 7x in 1Q 2023:<\/span><span style=\"\">Saudi state-owned shipping firm<\/span><span style=\"\"> the \u200b\u200b<\/span><span>National Shipping Company of Saudi Arabia (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bahri.sa\/\" style=\"\">Bahri<\/a><\/span><span>) <\/span><span style=\"\">posted a 659% y-o-y rise in net income to SAR 492.49 mn in 1Q 2023, according to its interim <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bahri.sa\/en\/news-insights\/news-insight\/2023\/the-national-shipping-company-of-saudi-arabia-announces-its-interim-financial-results-for-the-period-ending-on-31-03-2023-three-months\/\" style=\"\">financials<\/a><\/span><span style=\"\">. <\/span><span style=\"font-weight:400;\">The company also saw its revenues rise 50.42% y-o-y to SAR 2.38 bn during the quarter. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Improved performance in the oil and chemical transportation sectors were the main drivers behind the jump<\/span><span style=\"\">,<\/span><span style=\"font-weight:400;\"> the company said, adding that this was helped by favorable shipping rates, increased operations, and the addition of new vessels to its fleet. Nevertheless an SAR 117 mn increase in finance costs limited the jump in net income in the first quarter of 2023.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Emirati low-cost carrier <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.airarabia.com\/en\" style=\"\">Air Arabia<\/a><\/span><span style=\"font-weight:700\"> saw its net <\/span><span style=\"font-weight:700\">income rise 17% y-o-y to AED 342 mn in 1Q 2023<\/span><span style=\"\">, according to the company\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/press.airarabia.com\/air-arabia-reports-first-quarter-2023-net-profit-of-aed-342-million-up-17\/\" style=\"\">earnings release<\/a><\/span><span style=\"\">.<\/span><span style=\"\"> The airline brought in a turnover of AED 1.42 bn for the same period, up 27% y-o-y. The airline added nine new routes to its seven hubs across the UAE, Morocco, Armenia, Egypt, and Pakistan, and introduced 68 new aircraft during the quarter, according to the releas<\/span><span style=\"font-weight:400;\">e. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Improved performance in the oil and chemical transportation sectors were the main drivers behind the 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bottom sees 659% jump in 1Q 2023 + Air Arabia reeled in AED 291 mn in 1Q 2023","related_issue":[70667],"teaser":"Improved performance in the oil and chemical transportation sectors were the main drivers behind the jump","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.25aad74a-1870-4d96-a5f8-15891a089b90.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bahri\u2019s bottom line sees 659% jump in 1Q 2023 + Air Arabia reeled in AED 291 mn in 1Q 2023 - Logistics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/logistics\/2023\/05\/10\/bahris-bottom-line-sees-659-jump-in-1q-2023-air-arabia-reeled-in-aed-291-mn-in-1q-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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