Saudi’s Bahri Says Q1 Net Profit More Than Doubles On Year-Ago

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Aramco, said on Wednesday its first-quarter net profit more than doubled, broadly reaffirming the estimated earnings issued last week.

The company’s net profit for the three months to March 31 was SAR398.4 million, compared to SAR195.2 million in the same period a year earlier, it said in a bourse statement.

On April 9, the firm said its estimated net profit for the first quarter of 2015 was SAR399 million.

Bahri attributed the rise in net profit to an increase in its fleet of very large crude carriers due to the completion of its merger with Vela Marine International, as well as its full utilisation.