Riyadh – Mubasher: National Shipping Company of Saudi Arabia (Bahri) achieved net profits valued at SAR 1.69 billion in the first nine months (9M) of 2024, an annual surge of 39.83% from SAR 1.21 billion.
Bahri generated revenues amounting to SAR 7.26 billion in 9M-24, higher by 7.57% than SAR 6.75 billion in 9M-23, according to the interim financial results.
Earnings per share (EPS) grew year-on-year (YoY) to SAR 2.30 as of 30 September 2024 from SAR 1.64.
Income Results for Q3-24
In the third quarter (Q3) of 2024, the group registered a 126.89% YoY hike in net profit to SAR 509.02 million, compared to SAR 224.34 million.
The revenues hit SAR 2.24 billion in July-September 2024, up 10.55% from SAR 2.02 billion a year earlier.
Quarterly, the Q3-24 net profits retreated by 30.57% from SAR 733.19 million in Q2-24, while the revenues plunged by 17.38% from SAR 2.71 billion.
Ahmed Ali Al Subaey, CEO of Bahri, commented: “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 modernise 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.”
