The net profit was more than SAR195 mill, compared to about SAR138 mill in the same period last year.
The operating profits for 1Q14 amounted to SAR166.7 mill, compared to SAR78.2 mill in 1Q13, an increase of 113.17%.
Bahri CEO Engineer Saleh Al-Jasser, said that the main reason for the increase in the net profit during the current quarter was the improvement in oil transportation sector, the higher profits achieved from the company stake in the Petredec (owned 30.3%), as well as the earnings improvement in the drybulk sector.
The Saudi Arabian Supreme Council for Petroleum and Minerals recently gave its approval to complete the merger of the fleet and operations of Vela Marine, a wholly owned subsidiary of Saudi Aramco, with Bahri, the company reported.