Friday 7 August 2020

Bahri’s net profit jumps 80pc in Q3

MANAMA, October 23, 2019

Bahri, a global leader in logistics and transportation, has posted a net profit of SR146.73 million ($39.12 million) for the third quarter ended September 30, 2019, an increase of 80.52 per cent compared to SR81.28 million ($21.67 million) in the same period in 2018.

Bahri’s revenues during the three-month period between July and September jumped 6.28 per cent to SR1.48 billion ($394.64 million), from SR1.39 billion ($370.64 million) reported in the same period last year, said a statement.

Gross profits surged 45.24 per cent year-over-year to SR296.11 million ($78.96 million) from SR203.87 million ($54.36 million), and operational profits rallied 85.51 per cent to SR259 million ($69.06 million) from SR139.61 million ($37.23 million) in the year-ago quarter, it said.

As compared to the second quarter of 2019, net profits for the quarter under review saw a staggering increase of 221.98 per cent and revenues improved 2.86 per cent, it added.

Abdullah Aldubaikhi, CEO of Bahri, said: “Our company’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.”

“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,” he said.

“We expect the market to keep up the momentum in the remainder of 2019 and into 2020 and are well-positioned to capitalise on opportunities arising from strong client demand for our industry-leading services worldwide,” he added.

For the first nine months of the year, Bahri posted total revenues of SR4.63 billion ($1.23 billion), up 6.4 per cent from SR4.35 billion ($1.159 billion) recorded in the same period of the previous year.

The net profits for the January-September period stood at SR371.62 million ($99.07 million). Gross profits rose 14.29 per cent year-over-year to SR962.42 million ($256.58 million) from SR842.12 million ($224.51 million) and operational profits went up 19.73 per cent for the first three quarters to SR840.47 million ($224.07 million) from SR701.97 million ($187.15 million) of the year-ago period, it stated. – TradeArabia News Service


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