By: Thabet Shehata
Riyadh – Mubasher: Saudi-listed transport companies’ profits rose 29.76% year-on-year to SAR 772.73 million ($206 million) in the second quarter of 2016 from SAR 595.48 million ($158 million).
Net profits of the companies also levelled up 29.5% to SAR 1.67 billion in the six-month period of 2016 from SAR 1.29 billion in the year-ago period, according to a statistics by Mubasher.
Operating profits grew 21% to SAR 776 million in Q2-16 from SAR 641 million in Q2-15, while advancing to SAR 1.7 billion in H1-16 compared to SAR 1.2 in H1-15.
National Shipping Company of Saudi Arabia (Bahri) achieved the highest profits in the transport sector worth SAR 504.18 million in Q2-16, 47.2% higher from Q2-15, representing 65% of total profits.
Saudi Ground Services’ net profits grew 13% year-on-year to SAR 196.95 million in the second quarter of 2016, to come in the second place by 26% of total sector’s profits.
Saudi Transport and Investment (Mubarrad) posted the lowest profits decreasing 47.14% year-on-year to SAR 10.7 million in Q2-16 from SAR 20.3 million.
Higher operating revenues mainly contributed to the increase in net profits of the companies in Q2/H1-16, while Mubarred attributed the fall in net profits in this period to lower operating profits.
Translated by: Sara Ghali
