Riyadh – Mubasher: The National Shipping Company of Saudi Arabia (Bahri) reported SAR 313.74 million in net profits for the third quarter (Q3) of 2020, a surge of 113.8% from SAR 146.7 million in the year-ago period.

The increase in quarterly earnings was helped by higher returns from several operating segments and lower Zakat and income tax expense and financing expenses, according to a stock exchange statement on Monday.

Year-on-year (YoY), the company’s revenues posted a 1.9% growth, reaching SAR 1.51 billion.

In the nine-month period ended 30 September, the net profits leapt by 301.9% YoY to SAR 1.493 billion.