Profits of listed transport firms up 30 percent to SR1.67 billion in H1

Net profits of listed transport companies grew by 30 percent to SR1.67 billion in the first half of the current year, compared to SR1.28 billion in the same period last year, according to a financial report.
However, profits of Q2, 2016, dropped by 14 percent to SR773 million compared to SR895 million in Q1 of this year, the report, compiled and analyzed by Al-Hayat daily, said.
The sector comprises five listed companies whose market capitalization is worth SR27.2 billion, or 2.02 percent of the market value of the capital market. Their capitals stood at SR7.86 billion, the report said.
The National Shipping Company of Saudi Arabia (Bahri) has the largest capital at SR3.94 billion, or 50 percent of the sector’s total capital, whereas the Saudi Transport and Investment Company (Mubarrad) has the least capital at SR180 million.
Bahri captured 67 percent of the sector’s profits in H1 at SR1.11 billion compared to SR741 million in H1 2015, or an increase of 51 percent, thus bringing the earning per share (EPS) to SR2.83.
The company attributed profit growth to the increase in operational revenues due to purchase and delivery of a number of giant oil and petrochemical tankers during 2016, the report said.
Bahri also registered a profit growth of 47.2 percent in Q2 to hit SR504 million compared to SR342 in Q2, 2015 but, however, dropped by 17.6 percent compared to Q1 profits, which stood at SR612 million.
Meanwhile, Saudi Ground Services Company’s share to the sector profit reached 24 percent at SR392 million in H1 compared to SR285.1 million in H1, 2015, or an increase of 37.5 percent thus bringing its EPS to SR2.08. The company’s Q2 profits rose to SR197 million compared to SR174.3 million in Q2 2015, or an increase of 13 percent, the report said.
Saudi Public Transport Company (SAPTCO) had its profits drop by 74 percent to SR39 million in H1 2016, compared to SR151 million in the same period last year thus having its EPS drop to SR0.31.
In Q2, SAPTCO’s profits grew by 11 percent to SR14.2 million compared to SR12.8 million in Q2, 2015, the report said.
In the meantime, Budget Saudi Arabia registered a profit growth of 6.1 percent in H1 to hit SR96 million compared to SR90.4 million in H1, 2015.
On the other hand, profits of Mubarrad grew by 23.3 percent to SR25.5 million in H1 (2016) compared to SR20.7 million in H1 of 2015, thus bringing its EPS to SR1.42, the report said.

Source: Arab News