Bahri Q2 Net Profit Soars
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday.
According to MANA,The company's net profit for the three months to June 30 was 504.18 million riyals ($134.44 million), up from 342.48 million riyals in the same period a year earlier, it said in a bourse statement.Alistithmar Capital forecast Bahri would make a net profit of 308.4 million riyals during the quarter.
Saudi companies issue brief earnings statements early in the reporting period before publishing detailed results later.
Bahri reported strong profit growth in the prior five quarters as it continued to grow its fleet.
It signed financing deals worth around 2.1 billion riyals in the second quarter to help fund the purchase of VLCCs.