Bahri's profits jump 127% in Q3 due to higher global shipping prices
BAHRI 4030.SA | 28.90 | +1.05% |
Riyadh - Mubasher: The National Shipping Company of Saudi Arabia recorded a 126.9% increase in profits in the third quarter of 2024, compared to the profits of the same quarter of 2023, amid the rise in global transportation prices for several sectors.
The company's results revealed on "Tadawul" today, Thursday, that net profit rose to 509.02 million riyals in the third quarter of this year, compared to 224.34 million riyals for the same period last year.
The company explained that the increase in net profit was a result of the improvement in operational performance and global transportation prices for several sectors, including the oil transportation sector, the logistics services sector, and the chemical transportation sector, in addition to the increase in profits from the company’s share in companies invested in through the equity method.
On a quarterly basis, the company's profits decreased by 30.57% compared to the previous quarter, which amounted to 733.19 million riyals.
In terms of the company's results, in the first nine months of 2024, the company's profits rose to about 1.7 billion riyals, compared to 1.21 billion riyals for the same period last year.
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