Bahri Posts ‘Remarkable’ Q4 Growth

(MENA) Net profit up 172%

The National Shipping Co. of Saudi Arabia, or Bahri, has reported exceptional growth for the fourth quarter, with net profit surging 172 percent year-on-year.
The company’s fourth-quarter net profit hit SAR249.08 million, based on total revenue of SAR1.93 billion. The strong performance capped a positive year for Bahri, with full-year net profit growing 28.97 percent year-on-year to SAR620.7 million.
“Bahri has been growing from strength to strength as evidenced by the company’s remarkable performance with sustained revenue growth and profitability expansion during the fourth quarter and 2019 fiscal year. The outstanding results were driven by a solid improvement in the oil sector, in addition to the remarkable growth of our business units, buoyed by higher transportation rates,” 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.