Bahri reports 3Q24 results, net profits up 127%

Revenue growth y/y was primarily supported by the Chemicals business unit (BU), followed by Dry Bulk and Integrated Logistics, which benefited from increased shipping volumes enabled by the expansion of Bahri’s fleet of owned and chartered vessels, as well as higher shipping rates across most segments. In the first nine months of 2024, Bahri acquired five modern vessels and chartered six chemical tankers, alongside phasing out five older vessels.

Eng. Ahmed Ali Al Subaey, Chief Executive Officer of Bahri, commented: “Bahri’s strong performance in the third quarter and the first nine months of 2024 underscores our commitment to delivering value across our businesses. The Company’s profit growth was driven by renewed revenue expansion built on the trust and reputation for reliability we have established with our customers, coupled with our employees’ sustained focus on revenue and cost optimisation to consistently outperform the market.

“We are increasing our investments to modernize and expand our fleet, with 17 vessels expected to be added over the next two quarters, in addition to the five we acquired earlier this year. These vessels will support our market expansion efforts and facilitate the phase-out of older ships, further modernising our fleet. At the same time, we will remain agile and responsive to changing market dynamics, while maintaining capital discipline to ensure value-accretive growth. This strategy is in support of the shipping and logistics transformation outlined in Saudi Arabia’s Vision 2030, and reinforces our role as a vital and responsible contributor to the global supply chain.”

Read the article online at: https://www.drybulkmagazine.com/shipping/01112024/bahri-reports-3q24-results-net-profits-up-127/