Saudi Shipping Firm Bahri Sees Huge Profit Jump
DUBAI, Oct 8 (Reuters) – National Shipping Company of Saudi Arabia (Bahri), the unique oil-shipper for Saudi Aramco, reported a major hike in third-quarter web revenue on Thursday.
The firm’s web revenue for the three months to Sept. 30 was 510.3 million riyals ($136.1 million), up from 84.85 million riyals in the identical interval a yr earlier, it stated in a bourse assertion.
Albilad Capital forecast the agency would make a quarterly revenue of 300 million riyals.
It attributed the revenue rise to a rise within the firm’s very giant crude carriers (VLCC) fleet after a merger with Vela Marine International Ltd. Among different causes, it additionally cited a lower in common bunkering gasoline value.
Bahri is one in every of 5 shares which aren’t open to direct buy by overseas buyers after the dominion opened its bourse for the primary time on June 15. ($1 = 3.7502 riyals) (Reporting by Hadeel Al Sayegh; Editing by David French)
(c) Copyright Thomson Reuters 2015.
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