Global shipping rates drag down profit of Saudi shipping giant Bahri

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Mon, 2022-02-07 09:04

RIYADH: National Shipping Co., or Bahri, has reported an 88 percent drop in 2021 profit, as a fall in global shipping rates weighed on revenues.  

Net profit reached SR192 million ($51.3 million), down from SR1.57 billion a year earlier, according to a bourse filing.

During the same period, revenues dropped by 36 percent to SR5.35 billion, which the firm attributed to a significant decline in global shipping rates as well as reduced shipping operations.

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