Bahri, a global leader in logistics and transportation, delivered exceptional growth in earnings and profitability in the first and second quarters of 2020.
The company’s second quarter results were the highest ever in its history. Net profit surged 1,569% to reach SR760.61 million ($202.88 million), compared to SR45.57 million reported in the same period in 2019.
Total revenue came in at SR3.53 billion, jumping 145% from SR 1.44 billion. As for the half-yearly performance, Bahri reported a 425% increase in net profit and a 78% rise in revenues.
Besides announcing the results, Bahri also hosted its annual Investor Day for its major institutional shareholders.
Bahri’s CEO, Eng Abdullah Aldubaikhi, highlighted the company’s key achievements since January 2020, including the establishment of the National Grain Company as a joint venture between Bahri and SALIC, a $410-million agreement with Hyundai Mipo Dockyard to build ten Medium Range chemical tankers, and the delivery of two newbuild dry-bulk carriers, ‘Sara’ and ‘Alanood,’ taking the total tally of Bahri’s wide-ranging vessels to 88.
The shareholders representatives also contributed to the discussion by sharing their expertise and views with the Bahri team.
Aldubaikhi said: “Events such as this not only deepen our relationship, but also help exchange ideas to further expand our market reach and enhance our offerings so that we can deliver greater value and higher returns to our customers. It has been an eventful journey for us at Bahri over the past few months. Despite the many and varied challenges posed by the Covid-19 pandemic, we sustained our operations and continued to serve our customers around the world.”
Aldubaikhi further outlined Bahri’s commitment to giving back with a cooperation agreement with the Ministry of Human Resources and Social Development to raise awareness of the importance of CSR, boost partnership between the public and private sectors, and further bolster national initiatives aimed at the empowerment of women.
In addition, Fayez Al Asmari, Bahri’s Chief Financial Officer, presented the company’s future strategy, current and proposed business units, and key financial figures.-- Tradearabia News Service