Bahri experiences significant third quarter growth
The global logistics and transportation giants, Bahri, has confirmed strong financial results for its third quarter ending 30 September, 2019.
Following solid growth in the logistics services sector, Bahri’s net profits rose 80.5% to SAR 146.7mn ($39.1mn) from SAR 81.2mn ($21.6mn). Bahri’s total revenue during the three months between July and September increased 6.2% to SAR 1.4bn ($373,264) from SAR 1.3bn ($346,602) reported during the same period last year.
“Bahri’s superior performance with sustained revenue growth and profitability expansion illustrates the robustness of our long-term business strategy and signifies the strength of our market position,” commented Abdullah Aldubaikhi, CEO of Bahri. “Resulting from solid growth in the maritime logistics sector and higher transportation rates underpinned by a thriving oil sector, our business units delivered substantial returns giving us the competitive advantage to continue to outperform. We expect the market to keep up the momentum in the remainder of 2019 and into 2020 and are well-positioned to capitalize on opportunities arising from strong client demand for our industry-leading services worldwide.”
It was revealed that gross profits increased significantly 25.2% year-over-year to SAR 296.1mn ($78.9mn) from SAR 203.8mn ($54.3mn), with operational profits jumping 85% to SAR 259mn from SAR 139.6mn from last year’s quarter.
Bahri is recognised as the national shipping carrier of Saudi Arabia. The company has played a major part in the transformation and growth of the shipping industry through a determined focus on innovation and a drive to deliver technology-driven, value-added onshore and offshore services.
Bahri structures its operations around six business units. These are; oil, chemicals, logistics, dry bulk, ship management and data. Bahri’s service also provides transportation of crude oil, oil products, chemical, bulk and general cargo, in addition to ship management.
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