The National Shipping Company of Saudi Arabia reported a nearly 163 percent increase in net profits in the second quarter of 2015 compared to the second quarter of 2014.
The National Shipping Company of Saudi Arabia, Bahri, reported net profits of 342.48 million riyal ($91 million) in the second quarter of 2015, an increase of 162.58 percent compared with 130.43 million riyal in the second quarter of 2014.
Bahri had net profits of 740.89 million riyal in the first half of 2015 compared with the 325.57 million riyal in the first half of 2014.
The company had a gross profits of 440.43 million riyal in the second quarter compared with the 136.91 million riyal in the second quarter of 2014, and operational profits of 411.92 million riyal in Q2 2015 compared with the 119.3 million riyal in Q2 2014.
The primary cause of the company’s massive surge in profits was its merger with Vela Marine International Ltd., which significantly expanded Bahri’s fleet. Bahri Oil Transportation now manages a total of 31 Very Large Crude Carrier (VLCC) vessels, one floating storage VLCC, four medium range tankers and one Aframax.
In addition, an increase in the average Time Charter Equivalent rate in the crude oil transportation spot market compared to the same period in 2014 also contributed to the growth in profits, according to Bahri’s latest financial statements.
Bahri reports skyrocketing profits
