The owner and operator of very large crude carriers Bahri announced strong financial results for the third quarter ended September 30, 2019, on the back of solid growth in the logistics services sector.
The National Shipping Company of Saudi Arabia said that its net profits soared 80.52 percent to SAR 146.73 million (USD 39.12 million), from SAR 81.28 million in the corresponding quarter in 2018, primarily due to an increase in returns of several operating segments.
Bahri’s revenues during the three-month period between July and September jumped 6.28 percent to SAR 1.48 billion, from SAR 1.39 billion reported in the same period last year. Gross profits surged 45.24 percent year-over-year to SAR 296.11 million from SAR 203.87 million and operational profits rallied 85.51 percent to SAR 259 million from SAR 139.61 million in the year-ago quarter.
As compared to the second quarter of 2019, net profits for the quarter under review saw a staggering increase of 221.98 percent and revenues improved 2.86 percent.
Commenting on the results, Abdullah Aldubaikhi, CEO of Bahri, said: “Bahri’s superior performance with sustained revenue growth and profitability expansion illustrates the robustness of our long-term business strategy and signifies the strength of our market position. Resulting from solid growth in the maritime logistics sector and higher transportation rates underpinned by a thriving oil sector, our business units delivered substantial returns giving us the competitive advantage to continue to outperform."
He added: "We expect the market to keep up the momentum in the remainder of 2019 and into 2020 and are well-positioned to capitalize on opportunities arising from strong client demand for our industry-leading services worldwide."