The National Shipping Company of Saudi Arabia (Bahri) has announced its interim financial results for Q1 2022, reporting a significant increase in profit.
Bahri recorded SAR 1.57 billion ($418.5 million) in revenue over the period of January to March 2022, up 32.7 per cent compared to Q1 2021. Improvements in multiple sectors drove this success.
The company’s gross profit for the period amounted to SAR 156.1 million ($41.6 million), an increase of 85.4 per cent year-on-year.
Net profit for Q1 2022 after zakat and tax came to SAR 64.9 million ($17.3 million), rising 48.9 per cent compared to Q1 2021.
In February, Bahri also signed a long-term deal with the Saudi Ports Authority (MAWANI) to build and operate an integrated logistics park at the Jeddah Islamic Park.
A total area of 95,436 metre-squared has been leased for the construction of this facility.
This is also expected to boost Bahri’s partnership with MAWANI as they share the same logistics goals.