Bahri eyes further expansion in coming years to achieve better results: CEO

He predicted that Bahri’s profits will further multiply in the coming years, indicating that the company seeks to take advantage of the Kingdom's important and strategic location. 

The crude oil transportation segment had the largest share in the fourth quarter's revenues, followed by the chemicals transportation segment, Alsubaey said. He added that Bahri aims to join the food and minerals sectors during the current year.  

The CEO also noted that Bahri’s fleet stood at 100 ships by 2022-end.  

He expected supply chain woes to continue as a result of climate change, noting that this will lead to a change in global legislation. Therefore, the merger of many transport companies will pick up as the investment required to address these challenges is huge. 

Investment in the sector is expensive, particularly, in terms of cost and operation, and no company can afford it, Alsubaey said. He pointed out that Bahri plans to overcome difficulties and compete with regional and international companies.  

According to data available on Argaam, Bahri posted a net profit after Zakat and tax of SAR 1.04 billion for 2022, compared to SAR 192.40 million a year earlier. The fourth-quarter net profit after Zakat and tax grew more than five folds to SAR 578.12 million.