Riyadh – Mubasher: National Shipping Company of Saudi Arabia (Bahri) inked a non-binding memorandum of understanding (MoU) with the Suez Canal Authority (SCA) to establish an Egyptian joint-stock firm for maritime transport.

Under the deal signed on 1 March 2023, the joint venture (JV) will handle the operation business related to maritime transport, according to a bourse filing.

Furthermore, the new firm will own, lease, chart, and operate vessels in order to ship general and bulk cargo, chemicals, and oil.

Meanwhile, the agreement holds a six-month duration period that can be renewed. 

Bahri highlighted that the financial impact of the joint project cannot be determined in the meantime.

Last year, the Tadawul-listed company witnessed a 440.93% hike in net profit after Zakat and tax to SAR 1.04 billion, compared to SAR 192.43 million in 2021.

Revenues surged by 60.39% to SAR 8.58 billion in 2022 from SAR 5.35 billion in 2021, whereas the earnings per share (EPS) enlarged to SAR 2.11 from SAR 0.39 in 2021.