Shipping company Bahri sees net profits down by 93%

  • 11/1/2021
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JEDDAH: Saudi Arabia"s national shipping company saw its profit fall dramatically in the first nine months of 2021, recording just SR100.5 million ($26.6 million) compared to SR1.49 billion over the same period a year earlier. Bahri, which owns a fleet of tankers which transport oil, petrochemicals and goods, said the reason for the decrease is mainly due to a fall in oil revenues, which fell 59 percent compared to the same period of the previous year. This was prompted by the sharp drop in international transport rates, in addition to the decrease in transport operations.

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