Saudi Arabian transportation company Bahri wrapped up the fourth quarter of 2019 with a 172.48 percent net profit surge.
As explained, the strong financial results were underpinned by an increase in returns of Bahri’s several business units.
The company’s net income rose to SAR 249.08 million (USD 66.4 million) in Q4 2019 from SAR 91.41 million reported in the corresponding period in 2018.
Additionally, total revenue increased by 8.85 percent to SAR 1.93 billion in the fourth quarter of 2019 from SAR 1.78 billion recorded in Q4 2018.
Bahri’s full-year net profit also jumped by 28.97 percent to SAR 620.7 million from SAR 481.24 million posted in 2018.
Furthermore, total revenue reached SAR 6.56 billion in 2019, rising 7.13 percent from SAR 6.12 billion seen in 2018.
According to Bahri, the results show strong growth in profits despite a decline in the performance of the logistics services sector and an increase in financing expenses and provisions taken during the year.
“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,” Abdullah Aldubaikhi, CEO of Bahri, commented.
“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.”
Bahri currently owns 88 vessels including 42 very large crude carriers (VLCCs), 35 chemical/product tankers, six multipurpose vessels and five dry bulk carriers. Its operations are structured around five business units – oil, chemicals, logistics, dry bulk and ship management.