**Headline:** “Net Profit Shifts Amid Cost Pressures”

**Intro:**
The latest financial results reveal mixed performance, with quarterly net profit declines driven by rising operational and interest costs. However, annual growth highlights stronger revenues in oil and chemicals transport, alongside gains from asset sales and insurance recoveries, partially offsetting finance cost challenges.

**Factbox (50w):**
– **Quarterly Drop:** Higher logistics costs (↑operating expenses), SR77M interest hikes, reduced receivables reversal (↓SR36M). Offset by SR100M income (insurance, vessel sales).
– **Annual Rise:** Oil/chemical revenues up SR414M/SR623M, SR215M other income (vessel sales, insurance), equity gains SR166M. Finance costs ↑SR294M limited growth.

**Análisis de la Variación del Beneficio Neto: Factores Clave y Mitigantes**

A continuación, se desglosan las razones detrás de las fluctuaciones en el beneficio neto de la compañía, comparando distintos períodos:

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### **1. Disminución del Beneficio Neto en el Trimestre Actual vs. Mismo Trimestre del Año Anterior**
**Factores detrás de la disminución:**
– **Sector de logística:** Aumento de costos operativos, impactando directamente la rentabilidad.
– **Costos financieros elevados:** Un incremento de **SR 77 millones** debido al alza en las tasas de interés.
– **Menor reversión de provisiones:** La reducción en la reversión de provisiones por cuentas por cobrar comerciales disminuyó en **SR 36 millones**.

**Mitigantes parciales:**
– **Aumento en otros ingresos:** Un incremento de **SR 100 millones**, impulsado por:
– Cobro de reclamos de seguros: **SR 60 millones**.
– Ganancia de capital por venta de buques (modernización de flota): **SR 38 millones**.

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### **2. Disminución del Beneficio Neto vs. Trimestre Anterior**
**Causas principales:**
– **Transporte de petróleo:** Caída de ingresos en **SR 279 millones** por menores tarifas marítimas globales.
– **Participación en empresas asociadas:** Utilidades reducidas en **SR 93 millones**.

**Compensación parcial:**
– **Otros ingresos:** Aumento de **SR 38 millones**, principalmente por la venta estratégica de buques en el plan de modernización.

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### **3. Aumento del Beneficio Neto en el Periodo Actual vs. Mismo Periodo del Año Anterior**
**Impulsores clave del crecimiento:**
– **Crecimiento de ingresos:**
– Transporte de petróleo: **+SR 414 millones** (mejora en tarifas marítimas).
– Transporte de químicos: **+SR 623 millones** (mayor demanda y tarifas).
– **Otros ingresos:** Aumento de **SR 215 millones**, destacando:
– Ganancia de capital por venta de buques: **SR 123 millones**.
– Reclamos de seguros: **SR 60 millones**.
– **Resultados de empresas asociadas:** Contribución de **SR 166 millones**.

**Limitantes al crecimiento:**
– **Costos financieros:** Incremento de **SR 294 millones** por tasas de interés más altas.

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### **Conclusión**
La variación intertrimestral e interanual del beneficio neto refleja un escenario mixto:
– **Presiones:** Costos operativos, financieros y volatilidad en tarifas marítimas.
– **Oportunidades:** Gestión activa de activos (venta de buques), cobro de seguros y mejor desempeño en sectores clave como transporte de químicos.

La reestructuración de la flota y la diversificación de ingresos han sido claves para amortiguar impactos negativos, aunque el entorno de tasas de interés sigue siendo un desafío crítico.

*Nota: Cifras comparativas de periodos anteriores han sido reclasificadas para homologar su presentación con el periodo actual.*

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Este análisis permite visualizar no solo los retos operativos y financieros, sino también la capacidad de la empresa para capitalizar activos y optimizar su estructura en un contexto global dinámico.

**15 FAQs on Quarterly & Annual Net Profit Changes**

1. **Why did the net profit decline in the current quarter compared to the same quarter last year?**
Higher operating costs in logistics, increased finance costs (SR 77M), and reduced trade receivables provision reversal (SR 36M) contributed, despite a SR 100M rise in other income.

2. **How did rising interest rates impact the company’s financial performance?**
Interest rate hikes led to a SR 77M increase in finance costs for the current quarter and SR 294M annually, reducing net profit growth year-over-year.

3. **What caused the SR 36M decrease in trade receivables provision reversal?**
The reversal of trade receivables provision dropped due to changes in accounting adjustments or reduced recoverability expectations compared to the prior-year quarter.

4. **How did “other income” mitigate profit declines this quarter?**
Other income rose by SR 100M, driven by SR 60M from insurance claims and SR 38M from vessel sales under fleet modernization, offsetting some profit losses.

5. **Why did oil transportation revenue drop SR 279M compared to the prior quarter?**
Lower global shipping rates during the current quarter reduced revenue for the oil transportation sector, impacting sequential profitability.

6. **What led to the SR 93M decline in equity investee company profits this quarter?**
The group’s share in equity-accounted investees fell due to weaker performance or market challenges faced by those entities in the current quarter.

7. **How did fleet modernization contribute to capital gains?**
Vessel sales under modernization plans generated SR 38M in capital gains this quarter and SR 123M annually, boosting other income.

8. **Why did annual net profit rise despite quarterly declines?**
Strong annual revenue growth in oil (+SR 414M) and chemicals (+SR 623M) transportation, alongside SR 215M higher other income, drove yearly profit growth.

9. **What explains the SR 623M revenue surge in chemicals transportation annually?**
Improved global shipping rates and higher demand or operational efficiency boosted chemicals transportation revenue year-over-year.

10. **How significant were insurance claims to financial performance?**
Insurance claims contributed SR 60M to other income in both the quarterly and annual comparisons, providing a non-operational boost to profits.

11. **Were finance costs the largest hurdle to annual profit growth?**
Yes, SR 294M higher finance costs due to interest rates significantly offset gains from revenue and other income, limiting net profit growth.

12. **How does the current quarter’s performance reflect broader market trends?**
Lower shipping rates and rising interest rates align with global economic pressures, affecting sectors like oil transportation and financing costs.

13. **Is the increase in “other income” sustainable long-term?**
Capital gains from asset sales (e.g., vessels) are likely one-time events, whereas insurance claims depend on contingencies, making this income irregular.

14. **What reclassifications were made to prior-period figures?**
Certain comparative data was restated to align with current-period presentation, though specifics weren’t disclosed, potentially affecting year-over-year comparisons.

15. **How might fleet modernization impact future financials?**
While vessel sales generate short-term gains, modernization could lower long-term operating costs and improve efficiency in sectors like logistics or transportation.

**Call to Action (CTA)**
To navigate ongoing market volatility and sustain profitability, stakeholders are encouraged to:
– **Optimize operational efficiency** to mitigate rising costs in logistics and transportation sectors.
– **Diversify revenue streams** by capitalizing on fleet modernization opportunities and strategic asset sales.
– **Monitor interest rate trends** and explore hedging strategies to manage finance costs proactively.
Stay informed about sector-specific updates and collaborate with leadership to align with long-term growth objectives.

**Conclusión**
While the current quarter faced headwinds from higher operating costs, rising interest rates, and fluctuating shipping rates, the organization demonstrated resilience through strategic asset sales, insurance recoveries, and improved sector performance annually. Year-over-year growth in oil and chemicals transportation, coupled with gains from equity investments, underscores the company’s adaptability. Continued focus on cost management, modernization, and market agility will be critical to sustaining momentum amid economic uncertainties.

**Agradecimiento**
We extend our gratitude to our stakeholders for their unwavering trust and support. Your partnership enables us to navigate challenges and seize opportunities in dynamic markets. We remain committed to transparency, innovation, and delivering long-term value as we advance our strategic goals. Thank you for being integral to our journey.