RIYADH: Saudi logistics provider Bahri saw its profit slump by 87 percent to SR192 million ($51 million) in 2021 following a sharp decline in global shipping rates.
The firm, which is a joint venture between the Public Investment Fund and Saudi Aramco, made profits of SR1.57 billion a year earlier, a bourse filing showed.
The massive drop was propelled by lower shipping rates and operations as well as a 49 percent decline in the oil sector’s revenues and 36 percent in total sales, the company said.
That said, it highlighted that revenues from the dry bulk sector jumped by 85 percent year-on-year.
On another note, the company has concluded its participation on Wednesday in the third MENA Desalination Projects Forum, showcasing its new business line Bahri Desalination
“The event provided us with a strategic platform to showcase our innovative solutions, strengthen our partnerships, and connect with our customers,” its chief executive officer said.
“We also gained valuable insights into the new and emerging trends in the desalination sector, which will inform our product innovation and business strategy,” Abdullah Aldubaikhi added.
The forum, held in Abu Dhabi, has brought over 400 regional and international stakeholders to discuss the future of the desalination industry, key upcoming mega projects and national sustainability visions that drive the region’s 2030 water agendas.
Established in 1978, Bahri, formally known as the National Shipping Co. of Saudi Arabia, owns and manages a fleet of 89 tankers and container ships dedicated to transporting oil, petrochemicals, dry bulk, and other cargo.