The National Shipping Company of Saudi Arabia (Bahri) has reported strong financial results for the quarter and the full year ended December 31, 2019, underpinned by an increase in returns of several business units.
The transportation and logistics company said in a press release that its fourth-quarter net profit surged 172.48 percent to SAR 249.08 million ($66.4 million) from SAR 91.41 million reported in the same period in 2018.
Total revenue came in at SAR 1.93 billion, up 8.85 percent from SAR 1.78 billion recorded in the corresponding period a year ago.
"The results show strong growth in profits despite a decline in the performance of the logistics services sector and an increase in financing expenses and provisions taken during the year," said the release.
Abdullah Aldubaikhi, CEO, Bahri, said: “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."
He added: "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 preeminent position in the global maritime sector.”