Oct 22 | 2019
'Solid Growth' in Logistics Services Sector
The National Shipping Co. of Saudi Arabia, or Bahri, said it posted "strong financial results” for the third quarter, as net profits rose 81 percent.
The firm cited “solid growth in the logistics services sector” as a key factor in achieving net profits of US$39 million, up 80.5 percent from US$22 million in the corresponding quarter in 2018. The firm forecasts that the market will continue to keep up momentum in the remainder of 2019 and into 2020.
“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,” said Abdullah Aldubaikhi, CEO of Bahri.
Bahri is one of the largest maritime services provider in the world and alongside a fleet of breakbulk vessels also operates several double hull very large crude carriers (VLCCs), chemical carriers, dry bulkers and multipurpose roll-on, roll-off vessels.
Photo: Bahri vessel. Credit: Bahri
The firm cited “solid growth in the logistics services sector” as a key factor in achieving net profits of US$39 million, up 80.5 percent from US$22 million in the corresponding quarter in 2018. The firm forecasts that the market will continue to keep up momentum in the remainder of 2019 and into 2020.
“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,” said Abdullah Aldubaikhi, CEO of Bahri.
Bahri is one of the largest maritime services provider in the world and alongside a fleet of breakbulk vessels also operates several double hull very large crude carriers (VLCCs), chemical carriers, dry bulkers and multipurpose roll-on, roll-off vessels.
Photo: Bahri vessel. Credit: Bahri
