Dire VLCC rates caused by an influx of new tonnage hampered the National Shipping Co of Saudi Arabia (NSCSA) in the fourth quarter.
The Riyadh-based owner did, however, boost its full-year result largely on the back of a stellar first half.
Net profit for the three months to the end of December were SAR 51.5m ($13.73m), the company wrote in an e-mailed statement on Monday.
