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Bahri ... profit zooming

Bahri Q2 net profit rises 47.2pc

DUBAI, July 28, 2016

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 per cent increase in second-quarter net profit.

The company's net profit for the three months to June 30 was 504.18 million riyals ($134.44 million), up from 342.48 million riyals in the same period a year earlier, it said in a bourse statement.

Alistithmar Capital forecast Bahri would make a net profit of 308.4 million riyals during the quarter.

Bahri, one of five Saudi stocks not open to direct purchase by foreign investors, attributed the profit increase to a rise in operating revenues as a result of its enlarged very large crude carrier (VLCC) fleet, higher shipping rates in the spot market, and stronger performance in its general cargo division.-- Reuters

 




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