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Bahri outlines achievements to its shareholders

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Dry Bulk,

Bahri, a global leader in logistics and transportation, recently hosted its annual Investor Day for its major institutional shareholders. The event provided Bahri with a platform to showcase its success journey, communicate key organisational developments, and provide updates related to its business units. The shareholders representatives also contributed to the discussion by sharing their expertise and views with the Bahri team.

Bahri’s CEO, Eng. Abdullah Aldubaikhi, delivered a note of appreciation to shareholders, thanking them for their ongoing support and trust and confidence in Bahri’s growth plans. He said: “Events such as this not only deepen our relationship, but also help exchange ideas to further expand our market reach and enhance our offerings so that we can deliver greater value and higher returns to our customers. It has been an eventful journey for us at Bahri over the past few months. Despite the many and varied challenges posed by the COVID-19 pandemic, we sustained our operations and continued to serve our customers around the world.”

He went on to highlight the company’s key achievements since January 2020, including the establishment of the National Grain Company as a joint venture between Bahri and SALIC, a US$410 million agreement with Hyundai Mipo Dockyard to build 10 Medium Range chemical tankers, and the delivery of two new-build dry bulk carriers, Sara and Alanood, taking the total tally of Bahri’s wide-ranging vessels to 88.

Eng. Aldubaikhi further outlined Bahri’s commitment to giving back with a co-operation agreement with the Ministry of Human Resources and Social Development to raise awareness of the importance of CSR, boost partnership between the public and private sectors, and further bolster national initiatives aimed at the empowerment of women.

In addition, Fayez Al Asmari, Bahri’s Chief Financial Officer, presented the company’s future strategy, current and proposed business units, and key financial figures.

Bahri delivered fast growth in earnings and profitability in the first and second quarters of 2020. The company’s second quarter results were the highest ever in its history. Net profit surged 1569% to reach SAR 760.61 million, compared to SAR 45.57 million reported in the same period in 2019. Total revenue came in at SAR 3.53 billion, jumping 145% from SAR 1.44 billion. As for the half-yearly performance, Bahri reported a 425% increase in net profit and a 78% rise in revenues.

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