Bahri has reported a 46% net profit increase for the first quarter of 2019 despite challenging market conditions.
This profit growth was on the back of revenue growth of 17 percent during the quarter ended on March 31, 2019.
Bahri posted a net profit of SAR 179.33 million, marking an impressive 96.1 percent increase from the previous quarter and a sharp rise from SAR 123.14 million reported for the first three months of 2018.
Total revenue for the quarter under review stood at SAR 1.7 billion, as compared to SAR 1.45 billion in the year-ago period.
“We are pleased to deliver positive results for the first quarter of the year in spite of facing various challenges in the global maritime shipping market,” said Abdullah Aldubaikhi, CEO, Bahri. “This figure was driven by our relentless pursuit of excellence in our operations and service offering.”
“The solid improvement in the performance of our business units and the rise in transportation rates not only helped boost profits but also offset any negative impact arising from the increase in financing cost,” he added.
“We are optimistic that Bahri will remain committed to further strengthening our capabilities, enhancing our logistics and transportation solutions, and exploring new streams to maximize returns for our customers and shareholders,” Aldubaikhi said.
Bahri’s gross profit surged 40.2 percent year-on-year from SAR 303.78 million in Q1 2018 to SAR 426.18 million in the corresponding period this year, and rose 7 percent over the previous quarter’s SAR 398.11 million.
Operating profit went up 46.8 percent year-on-year from SAR 256.91 million in last year’s January-March period to SAR 377.18 million in the corresponding period this year.