Saudi shipping company Bahri reported third-quarter net profit of SR5.09 billion ($1.36 billion), an increase of 890.7 percent year on year, according to a Saudi Exchange filing. The company, formally known as The National Shipping Co. of Saudi Arabia, said profit attributable to shareholders was SR513.36 million a year earlier.
Bahri attributed the rise to higher freight rates and increased activity in its oil transportation business. Revenue climbed 503.7 percent to SR14.83 billion in the three months.