Bahri profits jump by 172% during the last quarter of 2019

Feb 06 2020

Bahri, the world leader in logistics and transportation, has announced strong financial results for the last quarter and fiscal year ending on December 31, 2019, which is attributed to higher revenues for the various sectors of the company's business.

Bahri, formerly known as the National Shipping Company of Saudi Arabia, is a transportation and logistics company, positioned as the national shipping carrier of Saudi Arabia.

Al-Bahri's net profit in the fourth quarter of 2019 recorded a growth of 172.48% to SAR 249.08 million, compared to its net profit of SAR 91.41 million for the same period in 2018. The company's revenue in the fourth quarter increased by 8.85% to reach 1.94 billion riyals, compared to 1.78 billion riyals in the same period of 2018.

The company’s net profits for the fiscal year 2019 jumped by 28.98% to reach 620.7 million Saudi riyals, compared to 481.24 million Saudi riyals in 2018. The company's total revenue also increased by 7.13% to reach SR.577 billion compared to SR6.13 billion in 2018, while the earnings per share reached SAR 1.58 compared to SAR 1.22 in the previous year. In spite of the low performance of the company's logistics services sector and the increase in financing expenses and provisions during the year, the results showed strong growth in profits.

Commenting on these results, Eng. Abdullah bin Ali Al-Dubeikhi, CEO of Al-Bahri Company said: “The financial results achieved by Al-Bahri Company and the strong growth in its net profits and revenues during the last quarter of the fiscal year 2019 reflect the continued progress of the company towards achieving more successes and enhancing our position The leader in the global marine sector, these excellent financial results are based on the steady growth witnessed by our oil sector, in addition to the noticeable improvement across our various business sectors, as well as the high prices of transportation services.

The company’s board of directors had recommended distributing cash dividends to shareholders with a total value of 393,75 million Saudi riyals for the second half of the year 2019, with a share of one riyal per share and 10% of the nominal value of the share.


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