Net profit for the quarter reached SAR 399m ($106m), more than double the SAR 195m of the first quarter of last year and a result that compares favourably to the 2014 full year net profit of SAR 534m.
Bahri attributed the improved performance to an increase in its VLCC fleet from 17 to 32 including one vessel deployed for storage as the two shipping operations were integrated.
The Bahri fleet remained fully employed during the quarter with average time charter equivalent rates higher than in the latter part of 2014.
Bahri which is majority owned by the Saudi government and Saudi state owned companies said earnings per share for the quarter were SAR1.01 up from SAR 0.62 for the first quarter of 2014.
