Bahri reports revenue growth of 24% in Q4 2018

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Time: February 05, 2019  

Abdullah Aldubaikhi, CEO of Bahri.

Saudi logistics and transportation company Bahri reported a revenue growth of 24.2 percent for the quarter ending Dec. 31, 2018. The total revenues grew to SR1.78 billion ($474.61 million) during the quarter, compared to SR1.43 billion during the same period in 2017.

For Q4 2018, Bahri registered a net profit of SR91.41 million, a 12 percent increase over the preceding quarter’s net income of SR81.28 million. The operating profit increased by 39.7 percent to SR386.21 million, in comparison to SR276.39 million in Q4 2017. The maritime leader’s operating profit surged 177 percent from SR139.61 million, as compared to the third quarter of 2018.

For the fiscal year 2018, Bahri achieved a total revenue of SR6.13 billion, up 1.3 percent from SR6.05 billion of the previous year. The company’s annual net profit amounted to SR481.24 million.

Abdullah Aldubaikhi, CEO of Bahri, said: “The company’s sustained efforts to enhance its maritime capabilities and offerings and the better performance of its five business units helped report solid results in 2018. The company’s performance demonstrates its strong financial position, remarkable momentum and growth plans, which confirm a bright and sustainable future for the company.”

Aldubaikhi added: “Pushing ahead with its long-term business growth strategies, Bahri will continue to strengthen its fleet and invest in new technologies, while remaining committed to seeking new investments to deliver higher returns to its shareholders.”

This article was first published in Arab News

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