The National Shipping Co. of Saudi Arabia, Bahri, said it had net profit of 146.1 million riyal ($39 million) in the third quarter compared with 60.2 million riyal in the third period of 2012.
The company said the main reasons for the increase in profit were increased income from Petredec, an LNG trading company in which it owns a 30.3 percent share, improvement in other business units, and the sale of Saudi Hofut, a general cargo vessel.
With the sale of Saudi Hofut, Bahri has now completed the sale of its four older general cargo vessels.
Bahri said Tuesday that it has taken delivery of Bahri Jazan, the fourth in a series of six new container/roll-on, roll-off general cargo vessels to replace them. They are being built by Hyundai MIPO.
Bahri reports higher profit as fleet renewal continues
