When compared to the same quarter last year, the current quarter's net profit increased mostly due to:
The growth in earnings is the result of better performance across many industries, particularly the transportation of oil, where earnings have increased by SR 449 million. Additionally, the transportation of chemicals has seen earnings rise by SR 377 million as a result of lower shipping costs, more shipping activity, and the addition of new ships to Bahri's fleet. When compared to the same quarter last year, the group's share of equity-accounted investee companies' results increased by SR 96 million during the current quarter.
The increase in finance costs of SR 117 million limited the improvement in earnings during the current quarter compared to the same quarter last year. The primary cause of the current quarter's lower net profit than the prior quarter is:
Due to capital gains from the sale of several boats as part of the fleet modernization plan, other income decreased by SR 123 million in the current quarter compared to SR 17 million in the previous quarter. the drop in global shipping rates, which has led to a decrease in income for various industries, particularly the transportation of oil.
the 36 million SR rise in financial costs from the previous quarter to the present quarter. While the group's share of equity-accounted investee companies' results increased by SR 88 million and general and administrative expenses decreased by SR 28 million, they both helped to lessen the impact of the quarter's net profit decline relative to the prior quarter. To align with the presentation of the current period, several comparison numbers from the former period have been reclassified.
