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Mon 17 Oct 2016 08:19 PM

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Saudi shipper Bahri sees Q3 net profit slump by 37%

Fall in earnings brings to an end a run of strong growth for Bahri, which had reported rising profits in the prior six quarters

Saudi shipper Bahri sees Q3 net profit slump by 37%
(Image: Bahri)

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 37.6 percent drop in third-quarter net profit on Monday.

The company's net profit for the three months to Sept. 30 was 318.4 million riyals ($84.92 million), down from 510.3 million riyals in the same period a year earlier, it said in a bourse statement.

Alistithmar Capital and Albilad Capital forecast the company would make a quarterly net profit of 391.6 million riyals and 525 million riyals respectively.

Bahri, one of five Saudi stocks not open to direct purchase by foreign investors, attributed the profit decrease to a year-on-year decline in spot market shipping rates and lower profits from its Petredec affiliate. It did not elaborate.

Saudi companies issue brief earnings statements early in the reporting period before publishing detailed results later.

The fall in earnings brings to an end a run of strong growth for Bahri, which had reported rising profits in the prior six quarters on the back of fleet expansion.

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