The Saudi Arabian headquartered shipping and logistics group, Bahri, has achieved modest increases in revenue and income over the first half of the year. Revenues reached SAR 3.14 billion (US$ 840 million) and operating income SAR 581.47 million (US$ 154.97 million), representing increases of 6% and 3% respectively compared to the same period last year. However, net income fell to SAR 224.9 million (US$ 59.94 million) during the first six months of 2019, in comparison to SAR 308.54 million (US$ 82.23 million) in the same period last year, a drop of over 27 %.
Oil transportation related revenues were up by 8%, and other business units by 5% in this period. Commenting on the results, Abdullah Aldubaikhi, chief executive, Bahri, said: “The financial results achieved for the first half of 2019 reflect the difficulties that the region is going through, which impacted the whole maritime shipping industry.” He indicated that efforts to improve cost efficiency had reduced the negative impact of market and geopolitical factors.