Saudi Shipping Firm Bahri Posts Big Jump in Q3 Profit

Posted by Michelle Howard October 8, 2015

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a significant hike in third-quarter net profit on Thursday.

The company's net profit for the three months to Sept. 30 was 510.3 million riyals ($136.1 million), up from 84.85 million riyals in the same period a year earlier, it said in a bourse statement.

Albilad Capital forecast the firm would make a quarterly profit of 300 million riyals.

It attributed the profit rise to an increase in the company's very large crude carriers (VLCC) fleet after a merger with Vela Marine International Ltd. Among other reasons, it also cited a decrease in average bunkering fuel cost.

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 Hadeel Al Sayegh)