Riyadh – Mubasher: The National Shipping Company of Saudi Arabia (Bahri) reported a 42.12% decline year-on-year in its profits during the fourth quarter of 2016, according to a bourse filing.
Net profits reached SAR 327.82 million ($87.4 million) in Q4-16, compared to SAR 566.4 million ($151.04 million) in Q4-15.
The year-on-year decline in Q4-16 profits is mainly attributed to lower spot market rates in general and specifically in oil transportation, in addition to an increase in bunker costs due to a rise oil and bunker prices during Q4-16 compared to the prior-year period.
“The operational efficiency and savings contributed in limiting the impact of lower spot market rates during the current quarter compared to the corresponding quarter of 2015,” the company added.
Bahri's net profits stood at SAR 1.76 billion in 2016, a decline of 3.04% from SAR 1.82 billion.
