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REUTERS
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday. The company’s net profit for the three months to June 30 was 504.18 million riyals ($134.44 million), up from 342.48 million riyals in the same period a year earlier, it said in a bourse statement.
Alistithmar Capital forecast Bahri would make a net profit of 308.4 million riyals during the quarter. The company also cited a rise in profits in Petredec limited, in which Bahri owns a 30.3 percent stake, as another reason for the Saudi shipper’s higher profits.