Bahri has recorded extremely positive financial results during the third quarter of 2020. During the three months ending 30th September, the company achieved a robust rise of 114% in net profits, reaching SAR 314 million, compared to SAR 147 million during the corresponding quarter in 2019. Total revenues amounted to SAR 1.51 billion, an increase of 2% over the SAR 1.48 billion during the same period last year.
The Saudi shipping company has recorded a remarkable increase of 302% in net profit for the first nine months of 2020, compared with the equivalent period in 2019, reaching SAR 1.49 billion, compared to SAR 372 in the first nine months of 2019. Total revenues for the period increased to SAR 7.12 billion, a jump of 54% over the SAR 4.63 billion recorded last year.
The company attributes the improvement in financial performance to enhanced efficiency as a result of the careful management and control of operating and financing expenses. “Despite the prevailing challenges, we were able to boost reliability by continuing to cater to our customers without interruption, and implement the best safety practices to ensure the health and wellbeing of our employees who always remain our top priority,” commented Abdullah Aldubaikhi, Chief Executive Officer of Bahri.