Bahri reported a net profit of SAR378.86m for Q1 2017 compared to SAR612.92 in the same period in 2016. Revenues were down slightly at SAR1.93bn for the first quarter of 2017 compared to SAR1.96bn in the same period a year earlier.
“The company fleet expansion contributed to capturing more market share which resulted to limit the impact of lower market rates in current quarter, as Bahri is now the largest VLCCs owner with 37 VLCCs in its owned fleet,” Bahri said.
Profits in the first quarter of 2017 were 24.64% on the last quarter of 2016. “The increase in net income for the current quarter compared to the previous quarter is mainly due to increase in operating revenues due to an increase in Time Charter Equivalent (TCE) rates during the current quarter compared to the previous quarter,” the company said.
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