Riyadh-headquartered Bahri achieved a 24% increase in revenues in the fourth quarter of 2018, ending the year on a high. This growth in turnover helped boost operating profits in the quarter by almost 40% compared to the level achieved over the fourth quarter of 2017.
For the fiscal year 2018, Bahri generated total revenues of SAR 6.13 billion, up 1.3% from SAR 6.05 billion the previous year. The company’s annual net profit, however, was down sharply, at SAR 481 million, compared with SAR 800 million in 2017.
Commenting on the results, Abdullah Aldubaikhi, chief executive, said the company was in a strong financial position and its growth plans pointed to a “bright and sustainable future”. He promised that Bahri would continue to strengthen its fleet and invest in new technologies, as well as looking at ways of delivering higher returns to its shareholders.