Riyadh – Mubasher: The National Shipping Company of Saudi Arabia’s (Bahri) profits retreated 38.19% in the first quarter of 2017.
Net profits reached SAR 378.86 million in Q1-17, compared to SAR 612.92 million in the year-ago period.
The year-on-year decline in Q1-17 profits is mainly attributed to lower spot market rates in general and higher bunker costs, according to a bourse filing on Thursday.
The company's fleet expansion contributed to capturing more market share which resulted in limiting the impact of lower market rates in the current quarter, as Bahri is now the largest Very Large Crude Carriers (VLCCs) owner with 37 VLCCs in its fleet.
Total sales fell 1% to SAR 1.94 billion compared to SAR 1.96 billion in the same period of the previous year.
