Financial highlights for 2021 H1
2021 H1 revenue and profit is 19.7M and 4.4M respectively. Last year 2020 was an exceptionally good year due to windfall revenue as a result of closure of King Fahd Causeway and higher project cargo volumes driven by BAPCO modernization project
REVENUE:
- 2021 H1 vs 2020 H1: decreased by 7% YoY due to:
i) Lower import and export volumes primarily due to Global empty container shortage as a result of disruption in logistics network post COVID 19.
ii) Due to tapering of BAPCO modernization project cargo volumes - 2021 H1 vs 2019 H1: increased by 6% vs 2019 H1. While marine and general cargo revenue increased by 20% and 14% respectively, container revenue decreased by 5%
NET PROFIT:
- 2021 H1 vs 2020H1: reduced by 36% to BHD 4.4 mn, driven by lower revenue and 29% increase in revenue charge rate having an impact of 8% increase in royalty cost
- 2021 H1 vs 2019H1: reduced by 4%, in spite of the 29% increase in revenue charge rate having an of 26% increase in royalty cost