Bahri’s net income rises more than 7x in 1Q 2023:Saudi state-owned shipping firm the ​​National Shipping Company of Saudi Arabia (Bahri) posted a 659% y-o-y rise in net income to SAR 492.49 mn in 1Q 2023, according to its interim financials. The company also saw its revenues rise 50.42% y-o-y to SAR 2.38 bn during the quarter.

Improved performance in the oil and chemical transportation sectors were the main drivers behind the jump, the company said, adding that this was helped by favorable shipping rates, increased operations, and the addition of new vessels to its fleet. Nevertheless an SAR 117 mn increase in finance costs limited the jump in net income in the first quarter of 2023.

Emirati low-cost carrier Air Arabia saw its net income rise 17% y-o-y to AED 342 mn in 1Q 2023, according to the company’s earnings release. The airline brought in a turnover of AED 1.42 bn for the same period, up 27% y-o-y. The airline added nine new routes to its seven hubs across the UAE, Morocco, Armenia, Egypt, and Pakistan, and introduced 68 new aircraft during the quarter, according to the release.

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