National Shipping Company of Saudi Arabia, better known as Bahri, posted a stronger net profit for the third quarter due to higher tanker earnings and lower financing costs.
The state-owned conglomerate recorded a net profit of SAR 81.3m ($21.7m) on revenue of SAR 1.39bn between July and September.
This compared with a net profit of SAR 60.5m on revenue of SAR 1.28bn in the same period of 2017.
In an exchange filing, the Tadawul-listed company said its oil transport business enjoyed higher spot rates amid fleet expansion during the three months.
Also, financing costs of Bahri for the quarter were lower on year due to revaluation of some financial derivatives, the filing added.
Bahri’s net profit for January-September was down 56.2% on year at SAR 185.4m.
Revenue for the nine-month period was SAR 1.5bn, down 6.9% on year.
The weaker performance resulted from low spot tanker rates earlier this year, higher bunker costs, investment losses in associates, and more general and administrative expenses, the filing said.
