DUBAI, Jan 17 (Reuters) – National Shipping Company of Saudi Arabia (Bahri) reported a huge jump in fourth-quarter net profit on Sunday, citing a rise in revenue after the completion of its merger with Vela Marine International and an increase in its fleet size.
The exclusive oil-shipper for Saudi Aramco reported a net profit for the three months to Dec. 31 of 566.9 million riyals ($151.2 million), up from 123.4 million riyals in the same period a year earlier, it said in a bourse statement.
Analysts at Alistithmar Capital and Osool & Bakheet Investment Co expected the company to make a quarterly profit of 520.5 million riyals and 545.2 million riyals respectively.
Bahri, one of five stocks not open to direct purchase by foreign investors, said last month it was proposing to more than double its annual cash dividend, paying out 2.5 riyals per share for 2015.
The shipper now had a fleet of 75 vessels, of which 33 were very large crude carriers (VLCCs) and 26 were chemical tankers, it said. It did not provide a comparative figure for the end of 2014.
($1 = 3.7501 riyals) (Reporting by Tom Arnold; Editing by David French)
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
April 18, 2024
Total Views: 1547
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.