Riyadh – Mubasher: The National Shipping Company of Saudi Arabia (Bahri) stated that its net profits slid 80.81% in the third quarter of 2017, compared to the year-ago period.
Net profits tumbled to SAR 60.51 million in Q3-17, from SAR 315.38 million in Q3-16, according to a bourse statement.
Quarter-on-quarter, profits retreated 60.68%.
Bahri attributed the drop in its year-on-year net profits to lower prices of transportation generally, especially lower prices of oil and chemicals transportation, the decline of its profits of in its unit Petredec limited, and the rise in ships’ fuel cost.
The Saudi shipping firm’s profits fell 58.08% to reach SAR 593.28 million from January to September 2017, compared to SAR 1.4 billion in the same period in the year ealier.
By 10:08 am KSA time, Bahri’s stock decreased 4.57% to reach SAR 27.95.
