Bahri, a global leader in logistics and transportation, today reported record financial results for the first six months of 2020. The fast growth in half-yearly earnings and profitability was fuelled by the strong performance of the company’s various business units.
The company recorded a 425% increase in net profit for the first six months of 2020 after zakat and tax to reach SAR 1.18 billion, as compared to SAR 224.9 million reported during the same period in 2019. Total revenue for the January-June period rose to SAR 5.61 billion, marking a 78% jump from SAR 3.15 billion reported for the same period a year earlier.
Bahri’s net profit for the second quarter ended June 30, 2020, surged 1,569% to reach SAR 760.61 million, compared to SAR 45.57 million reported in the same period in 2019. Total revenue came in at SAR 3.53 billion, up 145% from SAR 1.44 billion recorded in the corresponding period a year ago. Accordingly, Q2 2020 results are the ever highest in the history of Bahri.
Commenting on the remarkable figures, Abdullah Aldubaikhi, CEO of Bahri, said: “The outstanding financial results we delivered in the second quarter of 2020 reflect the significant improvement in our operational profitability. We have started the year on solid footing, and this momentum has been supported by our strong business retention and expansion program. The increase in net profit during the reporting period was largely attributable to the higher sales growth achieved across our various business units, demonstrating a high, sustained demand for our services and solutions.”
Aldubaikhi added: “As we enter the second half of our fiscal year, we are poised to grow our revenues exponentially and expect to continue generating positive earnings, with our financial position remaining robust into the rest of 2020 and beyond. Bahri is on the right track, thanks to the ongoing contributions of our employees, partners, and shareholders.”
Earnings per share for the first half of 2020 reached SAR 3 compared to SAR 0.57 for the same period last year, while the earnings per share for the second quarter of this year reached SAR 1.93, compared to SAR 0.12 for the same quarter of 2019.