Bahri reports revenue growth of 24% in fourth-quarter of 2018
Bahri reported revenue growth of 24.2 percent for the quarter ending December 31, 2018. Total revenues grew to SAR 1.78 billion during the quarter, compared to SAR 1.43 billion during the same period in 2017.
For Q4 2018, Bahri registered a net profit of SAR 91.41 million, a 12 percent increase over the preceding quarter’s net income of SAR 81.28 million.
Operating profit increased by 39.7 percent to SAR 386.21 million, in comparison to SAR 276.39 million in Q4 2017.
The maritime leader’s operating profit surged 177 percent from SAR 139.61 million, as compared to the third quarter of 2018.
For the fiscal year 2018, Bahri achieved a total revenue of SAR 6.13 billion, up 1.3 percent from SAR 6.05 billion of the previous year. The company’s annual net profit amounted to SAR 481.24 million.
“The company’s sustained efforts to enhance its maritime capabilities and offerings and the better performance of its five business units helped report solid results in 2018,” said Abdullah Aldubaikhi, CEO, Bahri. “The company’s performance demonstrates its strong financial position, remarkable momentum, and growth plans, which confirm a bright and sustainable future for the company.”
Aldubaikhi added: “Pushing ahead with its long-term business growth strategies, Bahri will continue to strengthen its fleet and invest in new technologies, while remaining committed to seeking new investments to deliver higher returns to its shareholders.”