Bahri, Saudi Arabia’s leading shipping group, has reported strong growth in its net profits during the first quarter of 2020, despite the challenges posed by the global COVID-19 pandemic. The improvement in bottom line results has come as a result of a rise in freight rates and strong demand for oil transportation over these three months.
Bahri’s net profit was up by almost 134 per cent at SAR 419.22 million, compared with the SAR 179.33 million recorded in the same period of 2019. The company’s gross profit was at SAR 561.33 million, 31.71 per cent more than in the same period in 2019, while operating profit went up 34.1 per cent to SAR 505.79 million. Commenting on the quarterly results, Abdullah Aldubaikhi, CEO, Bahri, paid tribute to “a remarkable performance delivered by our business units.” He added, “Our extensive efforts to enhance operational efficiency and improve productivity have also paid off. Despite the COVID-19 pandemic causing unique challenges, we are continuing to operate as normal to support our customers.”