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Bahri profits rise 34% in Q3

Bahri profits rise 34% in Q3
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BAHRI
4030
0.53% 22.62 0.12

Riyadh - Mubasher: The National Shipping Company of Saudi Arabia (Bahri) reported a 34.3% year-on-year increase in profits during the third quarter of the year.

Net profits after taxes and zakat reached SAR 81.28 million in Q3-18, compared with SAR 60.51 million for the same period last year.

The rise in net income is attributed to the increase in the company's fleet and higher spot market rates specifically in oil transportation during this quarter 2018 compared to corresponding quarter last year, the company said in a statement to the Saudi Stock Exchange (Tadawul).

Profits decreased by 34.29% during the first nine months of the year SAR 389.83 million, compared with SAR 593.28 million.