Apr 25 | 2019
Revenue Growth of 17 Percent
The National Shipping Co. of Saudi Arabia, or Bahri, has reported a 46 percent increase in net profit for the first quarter of 2019 despite “challenging market conditions.”
The profit comes on the back of revenue growth of 17 percent, taking total revenue for the quarter under to SAR 1.7 billion, as compared to SAR 1.45 billion in the year-ago period.
“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,” said Abdullah Aldubaikhi, CEO, Bahri.
Bahri is one of the largest maritime services provider in the world and alongside a fleet of breakbulk vessels also operates several double hull very large crude carriers, chemical carriers, dry bulkers and multipurpose roll-on, roll off vessels.
Photo: Abdullah Aldubaikhi. Credit: Bahri
The profit comes on the back of revenue growth of 17 percent, taking total revenue for the quarter under to SAR 1.7 billion, as compared to SAR 1.45 billion in the year-ago period.
“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,” said Abdullah Aldubaikhi, CEO, Bahri.
Bahri is one of the largest maritime services provider in the world and alongside a fleet of breakbulk vessels also operates several double hull very large crude carriers, chemical carriers, dry bulkers and multipurpose roll-on, roll off vessels.
Photo: Abdullah Aldubaikhi. Credit: Bahri
