The National Shipping Company of Saudi Arabia, also known as Bahri, reported a 3% drop in net income for 2016 as spot tanker rates fell last year.
Bahri reported annual earnings of SAR 1.76bn ($469m) for 2016, compared to SAR 1.82bn in 2015. Gross profit of SAR 1.94bn riyals was nearly 12% lower and operating profit of 1.83bn riyals dropped 7% from year-earlier results.
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