Riyadh – Mubasher: The National Shipping Company of Saudi Arabia (Bahri) reported a 45.6% year-on-year net profit growth in the first quarter of 2019.

Bahri’s net profits, after taxes and zakat, totalled SAR 179.33 million in the first three months of 2019, compared to SAR 123.14 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul).

On a quarterly basis, the leading logistics and transportation firm’s profits skyrocketed 96.18% from SAR 91.4 million in Q4-18.

The company ascribed the profit increase to higher operating income in Q1-19, supported by the improved performance of some sectors and higher transportation prices, despite an increase in financing costs.

Bahri’s operating profit grew 46.8% to SAR 377.18 billion in the first three months of 2019, compared to SAR 256.91 billion in the prior-year period.

For the full-year 2018, the Saudi firm’s profits plunged 40%, logging SAR 481.24 million from SAR 800.31 million in the prior year.