Saudi Arabian shipping major Bahri has achieved an outstanding set of financial results for 2020. Net profits were up by a staggering 153 per cent compared with 2019, with revenues rising by 28 per cent over the same period.
Commenting on the better than expected results, Abdullah Aldubaikhi, CEO of Bahri, said: “Undeterred by the Covid-19 pandemic, we continued to run our operations effectively, leveraging the power of our resilient business model and technology, and pushed on with diversification plans and capacity-building programs. It is our perseverance and unyielding commitment to offering excellent and uninterrupted service to our customers around the world —even in the face of uncertainties and crises— that helped us navigate challenges and drive growth in annual revenues and profitability.”
However, Aldubaikhi added that the company’s profitability came under tremendous pressure in the fourth quarter from a significant decline in time charter rates. As a result, revenues in this period were down hy 35 per cent, and profitability slipped 69 per cent compared with the same three months of 2019.
In a recent significant development, Bahri’s ship management division has entered into a strategic partnership with Alpha Ori Technologies (AOT). The deal provides for the installation of AOT’s patented SMARTShip digital platform across a substantial part of the Bahri fleet.
AOT, one of the world’s leading providers of digital shipping solutions, will complete the deployment of SMARTShip on the Bahri vessels over the next three months. The contract was finalised after the completion of a three month trial of on one of Bahri’s VLCCs.