Dubai Maritime News

Bahri reports significant surge in profitability Income from Bahri’s tanker fleet is on the rise

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Income from Bahri’s tanker fleet is on the rise

Riyadh-headquartered Bahri has reported a highly positive set of results for the first quarter of 2019, despite challenging market conditions. The company’s net profit jumped 4% and revenues grew 17% during the quarter ending March 31st, 2019, compared to the same period in 2018.

Bahri posted a net profit of SAR 179.33 million in this quarter, which was an astonishing 96.1% higher than in the preceding three months, and well up on the SAR 123.14 million reported for the first three months of 2018. Total revenues for the first quarter of 2019 amounted at SAR 1.7 billion, as compared to SAR 1.45 billion in the initial three months of 2018. The company says that a rise in freight transportation rates was the main factor behind the increase and helped offset negative pressures arising from higher financing costs.