RIYADH: Following a sharp decline in annual profits, shares in Saudi logistics provider Bahri edged down by 0.42 percent during early trading on Thursday. The company’s share price fell to SR35.4 ($9.4) at 11:05 a.m. Saudi time, compared to a previous close of SR35.6. Profits of Bahri, which is a joint venture between the Public Investment Fund and Saudi Aramco, fell by 87 percent to SR192 million on the back of lower shipping rates. The massive drop was propelled by lower shipping rates and operations as well as a decline of 49 percent in the oil sector’s revenues and 36 percent in total sales, the company said in a bourse filing. That said, it highlighted that revenues from the dry bulk sector jumped by 85 percent year-on-year. Established in 1978, the National Shipping Co. of Saudi Arabia, as it"s formally known, owns and manages a fleet of 89 tankers and container ships dedicated to transporting oil, petrochemicals, dry bulk, and other cargo.