The National Shipping Co. of Saudi Arabia, better known as Bahri, saw its profit surge 360.67 percent during the first nine months of 2022, following a revenue jump to SR5.8 billion ($1.5 billion).
The firm, which is a joint venture between the Public Investment Fund and Saudi Aramco, made profits of SR463 million, up from SR100 million a year ago, a bourse filing showed.
The strong profit was bolstered by higher revenue from multiple sectors, with oil transportation sales rising by SR1.2 billion and chemicals transportation by SR540 million.
Additions of new vessels to Bahri’s fleet, a post-pandemic rebound in logistical operations, and an improvement in global shipping rates also contributed to the results.
Established in 1978, Bahri owns and manages a fleet of 89 tankers and container ships dedicated to transporting oil, petrochemicals, dry bulk, and other cargo.