Saudi Shipper Bahri Q3 Net Profit Rises

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 501 percent increase in third-quarter net profit on Tuesday.

The company made a net profit of 510.3 million riyals ($136.10 million) in the three months to Sept. 30, up from 84.85 million riyals in the same period a year earlier, it said in a bourse statement.

Bahri attributed its profit increase to higher revenues following its merger with Vela Marine International, higher profits at affiliate Petredec Ltd and lower bunker costs. Bahri did not state its quarterly revenue.

Albilad Capital forecast Bahri would make a third-quarter profit of 300 million riyals.

Bahri is one of five stocks which are not open to direct purchase by foreign investors after the kingdom opened its bourse for the first time on June 15.

(Reporting by Matt Smith)