Bahri, the exclusive oil shipper for Saudi Aramco, made a net profit of 327.8 million riyals ($87.4 million) for the three months to Dec. 31, it said on Monday.
That compares with 566.4 million riyals in the fourth quarter of 2015.
Alistithmar Capital and Albilad Capital had forecast the company would make a quarterly net profit of 454.60 million riyals and 431.00 million riyals respectively.
Saudi companies issue brief earnings statements early in the reporting period before publishing detailed results later.
The board of Bahri has proposed an annual cash dividend for 2016 of 2.5 riyals per share, the company said last month.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.