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EXCLUSIVE INTERVIEW
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Bahri’s elite shipping
and logistical proficiency
on full display
In an exclusive interview, Abdulaziz Sabri, President
of Bahri Ship Management, detailed the company’s
vast fleet, strong financial performance and key milestone
achievements
By Dushane Solomon
Abdulaziz Sabri
President of Bahri Ship Management
Bahri, a global leader in transportation
and logistics, has played a
leading role in the transformation
and growth of global shipping with
its unrelenting focus on innovation.
Committing to the delivery of
technology-driven, value-added onshore
and offshore services, Bahri
has accordingly established itself
as the national shipping carrier of
Saudi Arabia. Based in the Kingdom,
the company has found abundant
success by structuring its operations
around six business units of oil,
chemicals, logistics, dry bulk, ship
management and data.
Tailoring its services to the needs
of its customers domestically and
across borders, Bahri has been driven
by its core values and responsible
business strategies. Furthermore, the
company has demonstrated consistent
commitment to positioning Saudi
Arabia as a unique regional logistics
gateway to three continents. As one
of the largest providers of maritime
services globally, Bahri is continually
expanding its services and presence
across the world to exhibit complete
devotion to contributing to the Kingdom’s
2030 vision.
Fleet Expansion
Formerly known as NSCSA, Bahri
was initially created by a Royal Decree
as a public company in 1978.
With a 22% ownership stake held
by the Saudi Government’s Public
Investment Fund (PIF), 20% by Saudi
Aramco Development Company
(SADCO), and the remaining shares
listed on the Saudi stock exchange of
Tadawul, Bahri has since flourished
to become a household name. Abdulaziz
Sabri, President of Bahri Ship
Management, spoke on the company’s
success saying, “We were fortunate
to have such favor since our origin,
something that has allowed us to
effectively connect economies, share
prosperity and drive global excellence
in logistics services.”
This strong support which Sabri
references has undeniably contributed
to Bahri’s current stance as the
largest owner and operator of VLCCs
internationally with a total of 13.9
million DWT. Furthermore, Bahri has
also grown to be heralded as the
largest owner of chemical tankers in
the Middle East, boasting an operational
fleet of approximately 1.3 million
DWT. In fact, in the four decades
since its inception, Bahri has grown
from a small shipping firm operating
multipurpose vessels to become one
of the biggest transportation businesses
in the world.
Currently, the company’s fleet
stands at 92 vessels, including 45
VLCCs, 36 chemical/product tankers,
6 multipurpose vessels and 5
dry bulk carriers. Sabri stated, “We
are the first national shipping carrier
to complete over 40 years of operations.
Through formulating a strong
customer base in the KSA and beyond,
we have developed a peerless
reputation for quality, reliability and
safety.” Despite Bahri’s distinguished
position in the global maritime industry
today, the company remains
adamant on continuing to pursue
growth, a characteristic which it has
repeatedly proven in the past and
even still.
Strong Financial
Bahri’s credible reputation built
over multiple decades, is the byproduct
of various factors including
a rigorous work ethic regardless of
circumstance. This year has proved
to be no different, as an accurate reflection
of the company’s sustained
progress can be seen in its positive
results. Ending on March 31, the first
quarter of 2019 witnessed Bahri’s
net profit spike 46%, while its revenue
also increased by 17%.
Despite challenging market conditions,
Bahri posted a net profit
of SAR 179.33 million, to post a
remarkable 96.1% upsurge from
the last quarter of 2018. Additionally,
this signified a sharp rise from
SAR 123.14 million reported for the
first three months of 2018, during
the same time period. Sabri stated,
“Achieving such growth is the result
of our persistent pursuit for excellence
in our operations, service offering,
and ultimately all that we do.”
Sabri further added, “Given that
the total revenue for the quarter
stood at SAR 1.7 billion, as compared
to SAR 1.45 billion one year ago, this
accurately depicts our unrelenting
focus on seeking growth to deliver
positive results regardless of market
fluctuation, external geopolitical factors,
or any other deterrence.” The
solid improvement in Bahri’s performance
of its business units, and
the rise in transportation rates, has
successfully aided in boosting profits
while negating any counterproductive
impacts stemming from increases
in financing costs.
Furthermore, the company’s gross
profit soared 40.2% year-on-year
from SAR 303.78 million in first
28 MARCH - APRIL 2019
MARASINEWS.COM 29