29/07/2018 08:09 AST

National Shipping Company of Saudi Arabia, or Bahri - one of the world's biggest operators of large oil vessels - posted a 20 per cent year-on-year rise in net profit for the second quarter of 2018, driven by stronger performance across its business units and an increase in its fleet of vessels, it said.

Net profit for the three months ending June 30 stood at 185.4 million riyals, up from 153.91m riyals in the year-earlier period, Bahri said in a filing to the Tadawul stock exchange, where its shares are traded.

The company’s total revenues from operations increased 8 per cent to 1.49 billion riyals in the second quarter, from 1.39bn riyals in the corresponding period of 2017.

The “substantial” growth in financial results was driven largely by strong performance of Bahri’s business units, which include Bahri Oil, Bahri Logistics, Bahri Chemicals, Bahri Dry Bulk, and Bahri Ship Management, the company said in its filing.

Meanwhile, the addition of new vessels to Bahri’s fleet over the last six months helped it offset any negative impact of lower transportation rates during the quarter on the company’s overall performance.

“Despite continued challenges in the global maritime sector, including lower spot market rates in general and particularly in oil transportation, and an increase in bunker costs, Bahri registered solid growth on all counts for the second quarter of 2018,” said Abdullah Aldubaikhi, chief executive of Bahri. “We have been making significant investments towards strengthening our fleet and adopting new technologies in our operations. These efforts have paid off in the form of increased performance in various business units.”

With the ongoing recovery in emerging economies and subsequent pick-up in international trade, the coming quarters are projected to perform even better, Mr Aldubaikhi added. “We are confident of sustaining our growth momentum through 2018,” he said.

Bahri is the world’s largest owner and operator of VLCCs (very large crude carriers), with around 46 owned vessels. The company said on Wednesday one of its oil vessels suffered minor damage due to an incident in the Red Sea. A Saudi-led military coalition had said earlier that Yemen’s Houthi movement attacked a Saudi oil tanker in the Red Sea, but did not name the vessel.

Bahri said its VLCC “suffered minor damage and no human injuries or environmental damage have been reported”. Saudi Arabia has temporarily halted oil shipments through the Bab al-Mandeb shipping lane following an attack by Houthis this week.

The National

Bahri concludes first edition of ‘SAIFI’ program


Bahri, a global leader in logistics and transportation, has successfully completed the first edition of ‘SAIFI’, a summer training program for undergraduate students in the Kingdom, launched jointly

Saudi Gazette

Bahri adds new VLCC to boost oil fleet strength


National Shipping Company of Saudi Arabia (Bahri), a leader in logistics and transportation, has taken the delivery of ‘Amad’, a very large crude-oil carrier (VLCC), further enhancing its market-lead

Trade Arabia

Bahri Announces that it received a Very Large Crude Carrier


Bahri announces that it has received on Tuesday 10 April 2018 G a new VLCC that was named (Khurais). The newly received VLCC is one of the 5 VLCCs that were financed by Standard Chartered Bank, Arab


Ticker Price Volume
BAHRI Sector Market
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
PETRORABIGH 24.74 0.26 (1.06%)
DANA 1.14 -0.01 (-0.87%)
TAQA 1.18 0.00 (0.00%)
ADNOCDIST 2.36 0.00 (0.00%)
ALDREES 25.70 -0.05 (-0.20%)
Bahrain's Investcorp records $165m loss for 2019-20 financial year


Bahrain’s Investcorp slipped into a $165 million loss for the 12 months ended June 30, against profits of $131 million a year ago.

The COVID-19 played its part in the loss, as fee income c

Gulf News

Aramex's revenue surges 4pc to $359m in Q2


Aramex, a leading provider of logistics and transportation solutions, has registered a 4 per cent growth in its revenues for the second quarter which surged to hit AED1.32 billion ($359 million), com

Trade Arabia

Abu Dhabi's Waha Capital trims first-half 2020 attributable losses to Dh27.2m


Abu Dhabi based investment company Waha Capital recorded a net loss of Dh27.2 million - attributable to shareholders - for the first six months of 2020, an improvement on the Dh124.38 million it rec

Gulf News

FAB issues Formosa bond globally


First Abu Dhabi Bank (FAB), recently announced the issuance of the largest-ever Chinese Yuan (CNH) denominated dual-listed Formosa bond globally, with a CNH 3.25 billion five-year issuance.

The Gulf Today

Etisalat to pay out Q2 interim dividends from August 11


UAE's leading telecom services operator Etisalat Group has announced that the interim dividend of 15 fils per share for the second quarter will be paid out starting from August 11 through the First A

Trade Arabia