World

Bahri’s quarterly profit jumps 891% as freight rates climb

RIYADH: Saudi shipping company Bahri’s third-quarter net profit surged nearly ninefold to SR5.09 billion ($1.36 billion), up 890.7 percent year on year, driven by higher freight rates and increased activity in its oil transportation business. Bahri, formally known as The National Shipping Co. of Saudi Arabia, reported profit attributable to shareholders of SR513.36 million a year earlier, according to a Saudi Exchange filing. Revenue climbed 503.7 percent to SR14.83 billion in the three months