Bahri’s Profit Jumps amid Higher Shipping Rates

National Shipping Company of Saudi Arabia (Bahri) delivered a stronger net profit in the first quarter of 2019.

The company’s net profit was up by 45 percent to SAR 179.3 million (USD 47.8 million) compared to SAR 123.1 million (USD 32.8 million) reported in the three months ended March 31, 2018.

Operational profit was at SAR 377.1 million for the quarter, rising by 46 percent from SAR 256.9 million seen a year earlier.

Bahri explained that the rise in profit was driven by the improvement in some of the company’s business units and the increase in the transportation rates in general despite the increase in financing cost.

Revenue for the period was up by 17 percent to SAR 1.7 billion from SAR 1.4 billion witnessed in the first quarter of 2018.