Saudi Arabia-based Bahri, a global leader in logistics and transportation, said that its board of directors have recommended SR590.62 million ($157.41 million) in dividends for the financial year ending December 31.

A cash dividend of SR1.5 ($0.40) per share representing 15 per cent of the nominal value will be distributed on a date that will be determined later, said a statement from the company.

As a reflection of the company’s strong performance, Bahri reported a 34.4 per cent increase in third-quarter net profit to reach SR81.3 million ($21.67 million), as compared to SR60.5 million ($16.12) last year, it added.

Abdullah Aldubaikhi, chief executive officer, Bahri, said: “The board’s recommendation of cash dividends reflects our strong growth and rising cash flow and earnings during the financial year of 2018.”

“It is also a true testimony to the company’s commitment to deliver lucrative returns to our shareholders,” he added. – TradeArabia News Service