Over 200% of net profit for 2021 handed out with a free share for every four existing shares
Bahri, the Saudi Arabian global leader in logistics and transportation, recently announced that its Board of Directors is planning to issue free shares, expanding its capital over SAR 4,92bn (US$ 1.31bn) equating to a 25% total increase.
The company has shown exceptional flexibility, leading to a major improvement in the final quarter of 2021 compared to the previous quarter and the same period in 2020.
Profits are up by 22% in the current quarter thanks to rising transport prices and greater demand for transport services, despite the economic difficulties resulting from the Covid-19 pandemic, a press communique indicated.
“Despite tremendous challenges that have negatively impacted transport prices, we have managed to distribute free shares and profits to our shareholders, a move which we are very proud of,” commented Eng. Abdullah Aldubaikhi, CEO, Bahri.
Eng. Aldubaikhi noted that Bahri has shown great financial flexibility in one of the most difficult periods the transportation industry has ever faced, adding that the company is constantly working to enhance its services and find new opportunities to improve performance and reduce costs. Last September, the Board of Directors decided to distribute over SAR 393mn (US$ 104.75bn) in cash profits from the first half of 2021 to shareholders, a figure that well exceeded the net profit of SAR 192mn (US$ 51.16mn) announced at the end of the year.