Dubai, UAE – The National Shipping Company of Saudi Arabia (Bahri) has posted a net profit of SAR 1.04 billion ($277 million) for 2022, compared to SAR 192 million, rising more than 440 percent.
In a Tadawul disclosure, the company attributed the increase in net profit to the increase in revenues—which rose by more than 60 percent to SAR 8.58 billion—mainly due to the improvement in all sectors performance especially in the oil transportation sector where its revenues have increased by the amount of SAR 2.01 billion.
The revenues also rose due an increase in the chemicals transportation sector revenues by SAR 833 million, due to the improvement in shipping rates and the increase in shipping operations as well as the additions of new vessels in Bahri fleet.
The increase in other income by SAR 161 million during 2022 compared to 2021 was attributed to from disposal of vessels within the fleet modernization plan.
