Riyadh – Mubasher: National Shipping Company of Saudi Arabia (Bahri) reported a surge by 359% in net profit for the fourth quarter of 2015 to SAR 567 million, compared with SAR 123 million in the same period a year ago.
Net profit for FY15 amounted to SAR 1.8 billion, a jump by 241% year-on-year from SRA 534 million.
The shipping company said the rise in Q4 net income was mainly due to stronger operating revenues as a result of the increase in VLCC fleet after completing the merger of Vela Marine International Ltd., as well as buying and receiving more VLCCs and chemical tankers during 2015.
Moreover, Bahri achieved an increase in operating revenues due to better operational and commercial performance.
