National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 501 per cent increase in third-quarter net profit on Tuesday.

The company made a net profit of SR510.3 million ($136.10 million) in the three months to September 30, up from SR84.85 million in the same period a year earlier, it said in a bourse statement.

Bahri attributed its profit increase to higher revenues following its merger with Vela Marine International, higher profits at affiliate Petredec and lower bunker costs. Bahri did not state its quarterly revenue.

Albilad Capital forecast Bahri would make a third-quarter profit of SR300 million.

Bahri is one of five stocks which are not open to direct purchase by foreign investors after the kingdom opened its bourse for the first time on June 15. - Reuters