Second Quarter 2020 is the highest earning quarter for Bahri since inception
Bahri recently reported record financial results for the first six months of 2020. The fast growth in half-yearly earnings and profitability was fuelled by the strong performance of the company’s various business units.
The company recorded a 425% increase in net profit for the first six months of 2020 after zakat and tax to reach SAR 1.18bn (US$ 314.65mn), as compared to SAR 224.9mn reported during the same period in 2019. Total revenue for the January-June period rose to SAR 5.61bn (US$ 1.496bn), marking a 78% jump from SAR 3.15bn 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 760.61mn (US$ 203mn), compared to SAR 45.57mn reported in the same period in 2019. Total revenue came in at SAR 3.53bn (US$ 941.3mn), up 145% from SAR 1.44bn recorded in the corresponding period a year ago. Accordingly, Q2-2020 results are the ever highest in the history of Bahri.
“The increase in net profit during the reporting period was largely attributable to the higher sales growth achieved across our various business units, demonstrating a high, sustained demand for our services and solutions,” affirmed Abdullah Aldubaikhi, CEO, Bahri.
