Bahri posts impressive first quarter results
Saudi Arabian shipowner Bahri has posted a big rise in quarterly profit, attributed to its involvement in the LPG market and improvements in both the crude and dry cargo sectors.
The first quarter 2014 profit for Bahri reached more than US$52million, compared to approximately $36.7m in the same period last year, an increase of 41.27 per cent.
The operating profits for the first quarter of 2014 amounted to $44.5m, compared to $20.9m in the same period last year, an increase of 113.17 per cent, and earnings per share for the three months period ended 03/31/2014 amounted to 0.62 riyals per share, compared to 0.44 riyals for the same period last year.
Bahri’s CEO, Engineer Saleh Al-Jasser, said the main reason for the increase in the net profit during the current quarter compared to the same quarter of the previous year was the improvement in oil transportation sector, particularly the higher profits achieved from the company stake in Singapore-based Petredec.
The company said general improvement in both the crude and dry cargo sectors also contributed to the stronger showing.