RIYADH: 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 September 30 was SR510.3 million ($136.1 million), up from SR84.85 million in the same period a year earlier, it said in a bourse statement.
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Albilad Capital forecast the firm would make a quarterly profit of SR300 million.
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. 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.
