Sep 16 | 2020
(MENA) Net Profit Grows 1,569 Percent
The National Shipping Co. of Saudi Arabia, or Bahri, has reported soaring profitability in the first half of the year, as it announced a “positive note despite global challenges.”
The group revealed a record net profit of SAR 760.61 million, the highest quarterly result in the company’s history. This equated to an increase of 1,569 percent, when compared with the SAR 45.57 million reported in the same period in 2019.
“It has been an eventful journey for us at Bahri over the past few months. Despite the many and varied challenges posed by the COVID-19 pandemic, we sustained our operations and continued to serve our customers around the world," said Abdullah Aldubaikhi, CEO of Bahri.
Future Strategy
Bahri also showcased a future strategy to build on its current momentum as its first-half revenue rose 78 percent year-on-year.
The establishment of a joint venture between Bahri and SALIC, to form the National Grain Co. was highlighted as a key stepping-stone for future growth as was a US$410-million agreement with Hyundai Mipo Dockyard to build 10 medium-range chemical tankers.
Speaking at the company’s national investor day, Aldubaikhi said, “Events such as this not only deepen our relationship, but also help exchange ideas to further expand our market reach and enhance our offerings so that we can deliver greater value and higher returns to our customers.”
Public-private Partnerships
As the national shipping line, it has also committed to improving social development in the country and recently signed a cooperation agreement with the Ministry of Human Resources and Social Development to boost partnership between the public and private sectors, and further bolster national initiatives aimed at the empowerment of women.
Bahri owns and operates a fleet of six multipurpose vessels alongside crude oil tankers, chemical and product carriers, and dry bulkers. The firm’s latest delivery of two newbuild dry-bulk carriers, Sara and Alanood, takes the company fleet total to 88. The company is a global event partner for Breakbulk exhibitions.
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