Bahri reports record second-quarter results with 1,569% jump in net profit
Bahri, a global leader in logistics and transportation, has reported record financial results for the first six months of 2020. The fast growth in half-yearly earnings and profitability was fueled by the strong performance of the company’s various business units, the company said in its release.
The company recorded a 425% increase in net profit for the first six months of 2020 after zakat and tax to reach SAR 1.18 billion, as compared to SAR 224.9 million reported during the same period in 2019. Total revenue for the January-June period rose to SAR 5.61 billion, marking a 78% jump from SAR 3.15 billion 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 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, up 145% from SAR 1.44 billion recorded in the corresponding period a year ago. Accordingly, Q2 2020 results are the ever highest in the history of Bahri.
Earnings per share for the first half of 2020 reached SAR 3 compared to SAR 0.57 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.
