The second quarter of this year was the highest revenue generating three month period in Bahri’s history, the Saudi shipping group has confirmed. Bahri’s net profit for the second quarter ending June 30th surged 1,569% to reach SAR 760.61 million, compared to SAR 45.57 million in the same period in 2019. Total revenue came in at SAR 3.53 billion, up 145% from SAR 1.44 billion recorded in the corresponding period a year ago, making the Q2 results the best since Bahri’s inception.
The company recorded a 425% increase in net profit for the first six months of 2020 overall, to reach SAR 1.18 billion, compared to SAR 224.9 million during the same period in 2019. Total revenue for the January-June period rose to SAR 5.61 billion, representing a 78% jump from SAR 3.15 billion reported for the equivalent six months a year earlier.
Abdullah Aldubaikhi, Chief Executive of Bahri, said: “The increase in net profit during the reporting period was largely attributable to the higher sales growth achieved across our various business units, demonstrating a high, sustained demand for our services and solutions. As we enter the second half of our fiscal year, we are poised to grow our revenues exponentially and expect to continue generating positive earnings, with our financial position remaining robust into the rest of 2020 and beyond.”