Bahri’s net profit soars 134% in Q1 2020 despite COVID-19 challenges
Bahri, a global leader in logistics and transportation, on Wednesday reported strong growth in net profit during the first quarter of 2020 despite challenges posed by the global COVID-19 pandemic. The increase in quarterly earnings was driven by a significant improvement in the performance of the company’s business units resulting from a rise in freight rates and strong demand for oil transportation.
Bahri’s net profit after zakat and tax for the three months ended March 31, 2020, jumped by a huge 133.77 percent to SAR 419.22 million from SAR 179.33 million recorded in the same period in 2019. The growth also represents a quarter-to-quarter increase of 68.3 percent from SAR 249.08 million.
Total revenue for the quarter under review rose to SAR 2.08 billion, up 22.06 percent from SAR 1.7 billion a year ago, and 7.36 percent from SAR 1.94 billion in the fourth quarter of 2019. Total shareholders’ equity stood at SAR 9.63 billion and profit per share at SAR 1.06.
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Commenting on the quarterly results, Abdullah Aldubaikhi, CEO, Bahri, said: “We are extremely pleased to report strong earnings for the first quarter as a result of a remarkable performance delivered by our business units. The results are a testimony to our constant desire and our unmatched capabilities to seize opportunities in the market as they emerge. Our extensive efforts to enhance operational efficiency and improve productivity have also paid off. Despite the COVID-19 pandemic causing unique challenges, we are continuing to operate as normal to support our customers.”
The company’s gross profit stood at SAR 561.33 million, rising 31.71 percent from SAR 426.18 million in Q1 2019 while operating profit went up 34.1 percent from SAR 377.18 million in last year’s January-March period to SAR 505.79 million in the corresponding period this year.