Riyadh – Mubasher: National Shipping Company of Saudi Arabia (Bahri) disclosed financial results for the second quarter of 2019.

Net profits after zakat and tax fell by 75.4% to SAR 45.57 million in Q2-19, compared to SAR 185.41 million in Q2-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.

Revenues of the Saudi logistic company plunged by 3.7% to SAR 1.44 billion by the end of June, from SAR 1.49 billion in the same period of the prior year.

For the first six months of 2019, net profits of Bahri retreated by 27.1% year-on-year to SAR 224.9 million.

Meanwhile, revenues of the Saudi-based company increased by 6.49% to SAR 3.14 billion in H1-19, versus SAR 2.95 billion in H1-18.

Profit per share stood at SAR 0.57 during the six-month period between January and June, from SAR 0.78 per share in the corresponding period the year before.

The decrease in net income for the current quarter comes due to the decrease in returns of logistics services in addition to slightly lower transport rates in the oil transportation sector.