Lower spot market rates in general, and specifically in oil and chemicals transportation, affected the National Shipping Company of Saudi Arabia (Bahri) as it saw a drop in its net profit in 2017.
The company’s net profit for the third quarter ended September 30, 2017 was at SAR 60.5 million, plunging by 80.8 percent from a net profit of SAR 315.3 million reported in the same quarter a year earlier.
Bahri’s revenues for the third quarter reached SAR 1.28 billion, compared to SAR 1.37 billion in the corresponding quarter of 2016, representing a drop of 7 percent.
The company’s operational profit was also down in the period, reaching SAR 176 million, compared to SAR 234.4 million seen in the same quarter in 2016, representing a drop of 24.9 percent.
During the first nine months of the year, Bahri said that its net profit dropped by 58 percent to SAR 593.2 million from SAR 1.41 billion seen in the same nine-month period in the previous year.
The company’s revenues for the first nine months of 2017 were down by 11 percent to SAR 4.61 billion from SAR 5.16 billion reported in the same nine-month period of 2016.
Similarly, Bahri’s operational profit for the nine months was down by 41.1 percent to SAR 857.1 million from SAR 1.45 billion reported in 2016.