The National Shipping Company of Saudi Arabia (Bahri) has reported a net profit of SR 1.76 billion (US$ 469.3 million) for 2016, a drop of 3.22% compared with 2015. Revenues fell by just over 9% to SR 6.79 billion last year.
This downturn was mainly due to lower spot market rates, and a decrease in profits from the company shareholding in Petredec, in which it has a 30.3% stake.
Bahri expanded its fleet by adding 10 vessels last year, an increase of 14% in tonnage terms. This helped offset the impact of the lower spot markets during the year, as did moves to reduce operating costs by enhancing efficiency.