Saturday 18 January 2020

Abdullah Aldubaikhi

Saudi shipping firm Bahri nets $837m H1 revenue

RIYADH, July 23, 2019

National Shipping Company of Saudi Arabia (Bahri), a global leader in logistics and transportation, said its revenues for the first six months hit SR3.14 billion ($837.22 million), up 6 per cent over the same period last year.

Announcing the results, Bahri said the operating income for the first half soared to SR581.47 million ($155.06 million) recording an increase of 3 per cent over last year.

However, its net income fell to SR224.9 million ($59.96 million) from SR308.54 million ($82.26 million) last year, it added.

Earnings per share for the first half of 2019 reached SR0.57 ($0.15) compared to SR0.78 ($0.21) for the same period last year.

CEO Abdullah Aldubaikhi said: "The financial results achieved for the first half of this year reflect the difficulties that the region is going through, which impacted the whole maritime shipping industry."

"Despite all these challenges, our company continues with its efforts to improve operations, adapt to the new developments and changes in the maritime industry, and maintain shareholder interest," he stated.

Bahri’s revenues from the oil transportation business unit grew by 8 per cent in the first six months compared to the same period last year.

Revenues from the remaining business units too recorded a growth of 5 per cent in comparison to the same period last year, it stated.

“We have remained committed to our innovative programmes and cost-efficient initiatives that contributed to easing the impact on the financial results for the period,” he added.-TradeArabia News Service


More Industry, Logistics & Shipping Stories

calendarCalendar of Events