Saudia Arabia-headquartered Bahri has reported a fourth-quarter profit of SAR249.08 million (USD66.4 million) for 2019, a 172.5 percent increase compared to the same period of 2018.
The company’s full-year net profit for 2019 also increased, totalling SAR620.7 million (USD165.4 million) compared to 2018’s SAR481.2 million (USD128.3 million).
Bahri said strong growth has been achieved despite a decline in the performance of the logistics services sector and an increase in financing expenses and provisions taken during the year.
Abdullah Aldubaikhi, Bahri ceo, added: “Bahri has been growing from strength to strength as evidenced by the company’s remarkable performance with sustained revenue growth and profitability expansion during the fourth quarter and 2019 fiscal year.
“The outstanding results were driven by a solid improvement in the oil sector, in addition to the remarkable growth of our business units, buoyed by higher transportation rates. With these outcomes, we have cemented our position in the global maritime sector.”