Bahri Reports 114% Rise in Third Quarter Net Profit
Enhanced efficiency and cost control measures lead to better bottom lines
Bahri, a global leader in logistics and transportation, recorded positive financial results during the third quarter of 2020, compared to those of the same quarter last year.
Bahri recorded a remarkable increase of 302% in net profit for the first nine months of 2020 to reach $397 million, compared to $99 million during the same period in 2019.
The total revenues for the period increased to $1.9 billion, with an increase of 54%, compared to $1.23 billion recorded last year.
For the third quarter ending 30 September 2020, the company achieved a robust rise of 114% in net profit, reaching $84 million, compared to $39 million during the corresponding quarter in 2019.
Abdullah Aldubaikhi, Chief Executive Officer of Bahri said: “The positive financial results achieved during the third quarter of 2020 reflects a significant improvement in our operations compared to the same quarter last year, as we were able to enhance efficiency through the careful management and control of operating and financing expenses.
"Despite the prevailing challenges, we were able to boost reliability by continuing to cater to our customers without interruption, and implement the best safety practices to ensure the health and wellbeing of our employees who always remain our top priority.
“We are always equipped to deal with challenges head-on as the company’s senior management makes sure that risk management processes and related systems work efficiently at all levels."
By the end of the first nine months of this year, earnings per share increased by 303%, amounting to $1.01, compared to $0.25 in the same period in 2019.
For the third quarter of 2020 alone, earnings per share increased by 116% to reach $0.21, compared to $0.1 for the same quarter last year.