Sunday 18 August 2019

Bahri posts $47.8m net profit for Q1

RIYADH, April 25, 2019

Bahri, a global leader in logistics and transportation, has posted a net profit of SR179.33 million ($47.8 million) for the first quarter of 2019, marking a staggering 96.1 per cent increase from the previous quarter.

The net profit also marks a sharp rise from SR123.14 million ($32.8 million) reported for the first quarter of 2018, said a statement from the company.

The company’s net profit jumped 46 per cent, and revenue grew 17 per cent during the quarter ended on March 31, 2019.

Total revenue for the quarter under review stood at SR1.7 billion ($453.2 million), as compared to SR1.45 billion ($386.6 million) in the year-ago period.

Bahri’s gross profit surged 40.2 per cent year-on-year from SR303.78 million ($81.001 million) in Q1 2018 to SR426.18 million ($113.63 million) in the corresponding period this year, and rose 7 per cent over the previous quarter’s SR398.11 million ($106.15 million).

Operating profit went up 46.8 per cent year-on-year from SR256.91 million ($68.50 million) in last year’s January-March period to SR377.18 million ($100.57 million) in the corresponding period this year.

Abdullah Aldubaikhi, chief executive officer, Bahri, said: “We are pleased to deliver positive results for the first quarter of the year in spite of facing various challenges in the global maritime shipping market.”

“This figure was driven by our relentless pursuit of excellence in our operations and service offering. The solid improvement in the performance of our business units and the rise in transportation rates not only helped boost profits but also offset any negative impact arising from the increase in financing cost,” he added.

“We are optimistic that our company will remain committed to further strengthening our capabilities, enhancing our logistics and transportation solutions, and exploring new streams to maximise returns for our customers and shareholders,” Aldubaikhi concluded. – TradeArabia News Service


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