The Saudi shipping and logistics company Bahri has announced a series of exceptionally strong financial results for the third quarter of 2019. The company’s net profits jumped 80.52% to SAR 146.73 million, from SAR 81.28 million in the same quarter in 2018. Bahri’s revenues during the three month period between July and September were up 6.28 %, at SAR 1.48 billion, compared to SAR 1.39 billion in the same period last year.
Over the first nine months of the year, Bahri posted total revenues of SAR 4.63 billion, an increase of 6.4 % from the SAR 4.35 billion recorded in the same period of the previous year. Net profits for the January-September period amounted to SAR 371.62 million, while gross profits rose 14.29% year-on-year to SAR 962.42 million. Operational profits went up 19.73 % for the first three quarters, to SAR 840.47 million, compared with SAR 701.97 million in the equivalent 2018 period.
Commenting on the results, Abdullah Aldubaikhi, chief executive of Bahri, said they largely reflected higher charter rates, underpinned by a thriving oil sector. He added. “We expect the market to keep up the momentum in the remainder of 2019 and into 2020 and are well-positioned to capitalise on opportunities arising from strong client demand for our industry-leading services worldwide.”