Riyadh - Mubasher: The National Shipping Company of Saudi Arabia (Bahri) has announced on Monday the interim financial results for the second quarter of 2018.

Bahri reported a net profit of SAR 185.41 million in Q2-18, increasing by around 20.5% year-on-year, compared with the same period last year.

Quarterly profits also grew by nearly 51% compared with the previous quarter, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

The shipping company attributed the rise in profits to the better performance of its business, the increase in its fleet that limited the negative impact of the lower transportation rates.

On the other hand, investments in associates recorded a loss of SAR 13 million against a profit of SAR 24 million compared to corresponding quarter.