When compared to the same quarter last year, the current quarter's net profit increased mostly due to:
The increase in revenues is the result of better performance across a number of industries, particularly the oil sector, where revenues have increased by SR 255 million. Additionally, the transportation of chemicals has seen revenues rise by SR 209 million as a result of higher shipping rates this quarter compared to the same quarter last year.
An increase in other income of SR 88 million from the same quarter last year to the current quarter, driven by an SR 73 million realized capital gain from the sale of vessels included in the fleet modernization plan.
When compared to the same quarter last year, the group's share of equity-accounted investee companies' results increased by SR 68 million during the current quarter.
The improvement in net profits during the current quarter compared to the same quarter last year was constrained by the increase in finance costs of SR 100 million.
The primary factor driving the current quarter's net profit growth over the prior quarter is:
An increase in other income of SR 60 million from the previous quarter to the current quarter, driven by an SR 73 million realized capital gain from the sale of boats included in the fleet modernization plan.
Limiting the rise of net profits while:
The drop in shipping rates during the current quarter compared to the previous quarter resulted in a loss of SR 55 million in revenue from various sectors, particularly the transportation of chemicals.
In addition to the rise in trade receivable provision during the current quarter compared to the prior quarter of SR 15 million.
When compared to the same period last year, the current period's net profit has increased mostly because:
The growth in revenues is a result of improved performance across a number of sectors, particularly in the oil transportation sector, where revenues have increased by SR 703 million. Additionally, revenues in the chemical transportation sector have increased by SR 586 million as a result of higher shipping rates during the current period compared to the same period last year.
An increase of SR 164 million in profits for the group's equity-accounted investee companies during the current period compared to the same period last year
The growth in other income of SR 115 million from the same period last year to the current quarter is supported by the SR 89 million realized capital gain from the sale of boats under the fleet modernization plan.
The improvement in net profits during the current period compared to the same period last year has been constrained by the SR 217 million increase in finance costs.
