Saudi Oil-Shipper Bahri Says Q2 Profit Doubles

DUBAI, July 13 (Reuters) – National Shipping Company of Saudi Arabia (Bahri), the unique oil-shipper for Saudi Aramco, stated on Monday its second-quarter internet revenue greater than doubled because of elevated fleet measurement and charges for transporting spot crude.

The firm’s internet revenue for the three months to June 30 was 342.5 million riyals ($91.3 million), in comparison with 130.4 million riyals in the identical interval a yr earlier, it stated in a bourse assertion.

Albilad Capital had forecast that Bahri would make a quarterly revenue of 350 million riyals.

It attributed the revenue acquire to a rise in its fleet of very massive crude carriers because of the completion of its merger with Vela Marine International, in addition to larger common constitution charges within the spot crude oil transporting market.

It didn’t elaborate additional. Saudi firms situation temporary earnings statements early within the reporting interval earlier than publishing extra detailed outcomes later.

However, it’s the second quarter in succession which the corporate has reported a doubling of earnings yr on yr because of the Vela merger, which got here after 4 straight quarters of falling earnings.

Bahri is considered one of 5 shares which aren’t open to direct buy by international buyers after the dominion opened its bourse for the primary time on June 15. ($1 = 3.7501 riyals) (Reporting by David French; Editing by Olzhas Auyezov)

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