RIYADH: National Shipping Co., or Bahri, has reported an 88 percent drop in 2021 profit, as a fall in global shipping rates weighed on revenues.
Net profit reached SR192 million ($51.3 million), down from SR1.57 billion a year earlier, according to a bourse filing.
During the same period, revenues dropped by 36 percent to SR5.35 billion, which the firm attributed to a significant decline in global shipping rates as well as reduced shipping operations.
The company noted that lower financial charges and higher other income have helped limit the burden of lower profits in 2021.
Saudi Aramco and the Public Investment Fund own around 42 percent of Bahri's shares.
Established in 1978, Bahri owns and manages a fleet of 89 tankers and container ships dedicated to transporting oil, petrochemicals, dry bulk, and other cargo.
