Bahri reports 114% rise in third quarter net profit

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Riyadh – :

Bahri, a global leader in logistics and transportation, recorded positive financial results during the third quarter of 2020, compared to those of the same quarter last year.

Bahri recorded a remarkable increase of 302% in net profit for the first nine months of 2020 to reach SAR 1.49 billion, compared to SAR 372 million during the same period in 2019. The total revenues for the period increased to SAR 7.12 billion, with an increase of 54%, compared to SAR 4.63 billion recorded last year.

For the third quarter ending 30 September 2020, the company achieved a robust rise of 114% in net profit, reaching SAR 314 million, compared to SAR 147 million during the corresponding quarter in 2019. Total revenues amounted to SAR 1.51 billion, an increase of 2%, compared to SAR 1.48 billion during the same period last year.

“The positive financial results achieved during the third quarter of 2020 reflects a significant improvement in our operations compared to the same quarter last year, as we were able to enhance efficiency through the careful management and control of operating and financing expenses. Despite the prevailing challenges, we were able to boost reliability by continuing to cater to our customers without interruption, and implement the best safety practices to ensure the health and wellbeing of our employees who always remain our top priority,” said Abdullah Aldubaikhi, Chief Executive Officer of Bahri.

“We are always equipped to deal with challenges head-on as the company’s senior management makes sure that risk management processes and related systems work efficiently at all levels. Additionally, the diversity of our sectors and customer base creates a competitive advantage and added flexibility in dealing with any challenges,” added Aldubaikhi.

By the end of the first nine months of this year, earnings per share increased by 303%, amounting to SAR 3.79, compared to SAR 0.94 in the same period in 2019. For the third quarter of 2020 alone, earnings per share increased by 116% to reach SAR 0.8, compared to SAR 0.37 for the same quarter last year.

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