Bahri’s Profit Hit by Lower Spot Rates

Image Courtesy: Bahri

National Shipping Company of Saudi Arabia (Bahri) has reported a drop in its earnings for the period ended June 30, 2017, mainly attributed to lower spot market rates in general and specifically in oil transportation.

Namely, the company’s net profit for the second quarter of 2017 reached SAR 153.9 million (USD 41 million), representing a drop of 68 percent compared to a net profit of SAR 487.1 million (USD 129.8 million) seen in the same quarter a year earlier.

The decrease in net income was also driven by a rise in bunker costs as a result of higher bunker prices during the current quarter compared to the corresponding quarter of 2016.

Bahri’s operational profit for the quarter halved, ending the three month period at SAR 238.1 million, against an operational profit of SAR 544.9 million reported a year earlier.

The company saw similar decreases in the six-month period ended June 30, 2017, as its net profit plunged by 51 percent to SAR 532.7 million from SAR 1.1 billion reported in the first six months of 2016.

Additionally, Bahri’s operational profit dropped by 44 percent to SAR 681.1 million in the first six months of 2017 from SAR 1.22 billion recorded a year earlier.

Total revenues for the second quarter were down by 24 percent to SAR 1.39 billion compared to SAR 1.83 billion seen in the corresponding quarter of last year. Revenues for the first half of the year reached SAR 3.32 billion, down by 12 percent compared to SAR 3.79 billion reported in 2016.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >