Apr 24 | 2020
(MENA) Net Profit Climbs 134%
The National Shipping Co. of Saudi Arabia, or Bahri, has reported "strong growth" in the first quarter, with net profit rising 134 percent year-on-year.
Profits for the three months ended March 31 hit SAR 419.22 million. The firm reported that the increase was driven by a significant improvement in performance resulting from a rise in freight rates and strong demand for oil transportation.
“We are extremely pleased to report strong earnings for the first quarter as a result of a remarkable performance delivered by our business units … Despite the Covid-19 pandemic causing unique challenges, we are continuing to operate as normal to support our customers,” 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 (VLCCs), chemical carriers, dry bulkers and multipurpose roll-on, roll-off vessels.