Saudi-based logistics major Bahri has been resilient amid the outbreak of the Covid-19 pandemic as it recorded a 153 percent surge in its annual net profit. Furthermore, the net profit surged from SR 621 million in 2019 to SR 1.6 billion in 2020.
The financial results for the Q4 2020 and the year-end, highlighted a tremendous boom in earnings and a robust performance by Bahri’s business units despite the global downturn.
Bahri’s annual growth profit surged 49 percent to SR 2.1 billion in 2020 compared to SR 1.4 billion in 2019. While operating profit surged to SR 1.9 billion from SR 1.2 billion. The company’s shareholders equity was pegged at SR 10 billion and profit per share at SR 3.99.
The company recorded a 35 percent revenue slump in Q4 2020 compares to SR 1.9 billion in the corresponding period in the previous year. The net profit during the Q4 2020 slumped 69 percent to SR 77.5 million from SR 249 million during the same period in 2019.
Abdullah Aldubaikhi, CEO of Bahri, told the media, “We are pleased to report better than expected financial results for the year 2020. Undeterred by the COVID-19 pandemic, Bahri continued to run its operations effectively, leveraging the power of its resilient business model and technology, and pushed on with its diversification plans and capacity-building programs.”
Bahri is seeking to improve as a company for a robust future.