Iran crisis hits Bahri’s profits in H1 for 2019
Bahri has reported growth in revenues and operating income for the first six months of 2019, but has suffered a 27.1% drop in net profit on the back of shipping tensions in the region.
Revenues reached SAR 3.14 billion and operating income SAR 581.47 million, an increase of 6% and 3% respectively compared to the same period last year.
Net income reached SAR 224.9 million during the first six months of 2019 in comparison to SAR 308.54 million of the same period last year, a 27.1% drop.
Similarly, earnings per share for the first half of 2019 reached SAR 0.57 compared to SAR 0.78 for the same period last year.
“The financial results achieved for the first half of 2019 reflect the difficulties that the region is going through, which impacted the whole maritime shipping industry,” said Abdullah Aldubaikhi, CEO, Bahri. “Despite all these challenges, Bahri continues with its efforts to improve operations, adapt to the new developments and changes in the maritime industry, and maintain shareholder interest.”
“Bahri remained committed to its innovative programs and cost-efficient initiatives that contributed to easing the impact on the financial results for the period,” he added.
Bahri’s revenues from the oil transportation business unit grew by 8% in the first six months of 2019 compared to the same period last year. Revenues from the remaining business units recorded a growth of 5% in comparison to the same period last year.