National Shipping Company of Saudi Arabia (Bahri) [4030.SE] posted 2Q16 net income of SAR504mn, growing 47% Y-o-Y (-18% Q-o-Q) on the back of i) an increase in the company’s operating revenues resulting from buying and receiving several Very Large Crude Carriers (VLCC)s; ii) an increase in average Time Charter Equivalent (TCE) rate for the crude oil transportation spot market; iii) an increase in revenue and bottom-line of General Cargo Transportation sector due to enhanced operational and commercial performance; iv) a decline in average bunker prices; as well as v) a higher earnings contribution from Petredec Limited (30.3%-owned by Bahri), which contributed SAR38mn (vs. SAR9.3mn in 2Q15). Gross profit and operating profit came in at SAR573mn (+30% Y-o-Y) and SAR541mn (+31% Y-o-Y) respectively. (Tadawul)