Saudi Arabia’s Bahri has reported positive results for the first quarter of 2019 despite challenging market conditions.
The company’s net profit jumped 46% and revenue grew 17% during the quarter ended on March 31, 2019.
Bahri posted a net profit of SAR 179.33 million, marking a staggering 96.1% 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.
Commenting on the quarterly results, Abdullah Aldubaikhi, CEO, Bahri, said: “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.
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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.”
“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 added.
Bahri’s gross profit surged 40.2% 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% over the previous quarter’s SAR 398.11 million.
Operating profit went up 46.8% 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.
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