Bahri posts 501.4% increase in Q3 net profits

The National Shipping Company of Saudi Arabia, Bahri, posted net profits of 510.3 million riyals for the quarter ending Sept. 30 and 1.25 billion riyals for the first nine months of 2015.    The National Shipping Company of Saudi Arabia, Bahri, posted net profits of 510.3 million riyals ($136.08) for the quarter ending Sept. 30, 2015, a year-over-year increase of 501.4 percent.
   Bahri’s net profits for the first nine months of 2015 stood at 1.25 billion riyals, up 204.9 percent from the same period in 2014.
   The shipping company attributed the sharp rise in net profits for both the quarter and the first nine months of the year to an increase in operating revenues, which resulted from the fleet expansion after the merger with the crude oil tanker company Vela Marine International Ltd.;  the increase in the average Time Charter Equivalent rate in crude oil transportation spot market compared to the same quarter/period in 2014; the general cargo transportation sector’s increase in operating revenues and net income; and a decrease in the average bunker cost.
   In addition, results for the quarter were up because of a profit increase from Petredec Limited, which rose from 37.1 million riyals in the corresponding quarter last year to 65.8 million riyals.
   Gross profits for the quarter stood at 611.25 million riyals, while gross profits for the first nine months of 2015 stood at 1.51 billion riyals, year-over-year increases of 417.6 percent and 442.4 percent, respectively.
   Bahri posted operational profits of 545.29 million riyals for the quarter, a year-over-year increase of 490.1 percent. The company’s operational profits for the first nine months of 2015 reached 1.39 billion riyals, an increase of 378.4 percent from the corresponding period in 2014.
   Established in 1978, Bahri’s services currently include the transportation of general cargo, crude oil, chemicals, liquefied petroleum gas and dry bulk.