Bahri posts 20.47% growth in second-quarter net profit
Bahri, a global leader in logistics and transportation, has reported 20.47 per cent growth in net profit at SAR 185.41 million for the quarter ended on June 30, 2018, compared to a net profit of SAR 153.91 million in the year-ago period, and an increase of 50.57 per cent as against SAR 123.14 million in the previous quarter.
Gross profit reached SAR 334.47 million for the second quarter of 2018, an increase of 25.04 per cent as compared to SAR 267.5 million in the corresponding quarter of 2017, and an increase of 10.1 per cent in comparison with SAR 303.78 million recorded in the previous quarter. The company’s total revenues from operations increased 8 per cent to SAR 1.49 billion in the April-June quarter compared to SAR 1.39 billion in the same period last year.
The substantial growth in financial results of the group was largely driven by the strong performance of its business units, namely Bahri Oil, Bahri Logistics, Bahri Chemicals, Bahri Dry Bulk, and Bahri Ship Management. A significant increase in Bahri’s fleet with the addition of new vessels over the last six months helped it offset the negative impact of lower transportation rates during the quarter on the company’s performance.
Abdullah Aldubaikhi, CEO of Bahri, said: “Despite continued challenges in the global maritime sector, including lower spot market rates in general, and particularly in oil transportation, and an increase in bunker costs, Bahri registered solid growth on all counts for the second quarter of 2018. Our strong financial results demonstrate the success of our ongoing transformation drive across the organization. In line with our long-term business objectives, we are pushing ahead with our strategic expansion plans to deepen our presence around the world. Similarly, we have been making significant investments towards strengthening our fleet and adopting new technologies and innovations in our operations. These efforts have paid off in the form of increased performance in various business units.”
“Leveraging our four decades’ experience and our unparalleled expertise in the maritime business and innovation, we will continue to build on this tremendous success towards enhancing our service offering and shareholder value. With the ongoing recovery in emerging economies and the subsequent surge in the international trade, the forthcoming quarters are projected to perform even better and we are confident of sustaining our growth momentum through 2018,” added Aldubaikhi.
The operational profit for the quarter amounted to SAR 305.46 million, an increase of 28.29 per cent as against SAR 238.11 million in the same quarter a year ago, and an increase of 18.9 per cent as compared to SAR 256.91 million in the previous quarter.