Bahri reports record Q2 results with 1,569% jump in net profit

Bahri reports record Q2 results with 1,569% jump in net profit

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 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 SAR1.18bn; as compared to SAR 224.9mn reported during the same period in 2019. Total revenue for the January-June period rose to SAR5.61bn; marking a 78% jump from SAR3.15bn 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 SAR760.61mn, compared to SAR45.57mn reported in the same period in 2019. Total revenue came in at SAR3.53bn, up 145% from SAR1.44bn 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 our strong business retention and expansion program supported this momentum. 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.”

Growing revenues

Aldubaikhi added: “As we enter the second half of our fiscal year; we are ready 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 SAR3 compared to SAR0.57 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.