Bahri Reports 1H Growth
The National Shipping Company of Saudi Arabia (Bahri) has posted revenues of SAR3.14 billion ($840million) for the first half of 2019, despite regional difficulties.
The Riyadh-based transportation and logistics company reported revenue growth of six percent for the first half and income growth of three percent, to SAR 581.47 million.
Net income reached SAR 224.9 million during the first six months of 2019 in comparison to SAR 308.54 million of the same period last year. Earnings per share for the first half of 2019 reached SAR 0.57 compared to SAR 0.78 for the same period last year.
Abdullah Aldubaikhi, CEO, Bahri, said: “The financial results achieved for the first half of 2019 reflect the difficulties that the region is going through, which impacted the whole maritime shipping industry. Despite all these challenges, Bahri continues with its efforts to improve operations, adapt to the new developments and changes in the maritime industry, and maintain shareholder interest."
Bahri’s revenues from the oil transportation business unit grew by 8% in the first six months of 2019 compared to the same period last year. Revenues from the remaining business units recorded a growth of 5% in comparison to the same period last year.