RIYADH: Saudi shipping firm Bahri saw its profit surge by 49 percent to SR64.9 million ($17 million) during the first quarter of 2022 on higher oil revenues.
The firm, which is a joint venture between the Public Investment Fund and Saudi Aramco, made profits of SR43.6 million in the same period a year earlier, a bourse filing showed.
Formally known as the National Shipping Co. of Saudi Arabia, Bahri was established in 1978, and owns and manages a fleet of 89 tankers and container ships dedicated to transporting oil, petrochemicals, dry bulk, and other cargo.
Its revenues increased by 32.8 percent on the year to SR1.58 billion, on the back of higher sales from the oil sector.
The earnings were also propelled by improved global shipping rates, an increase in shipping activity, and a drop in financial cost, the company said.
