It said it made SAR 123.46m ($32.86m) on a net basis to 31 December, down from SAR 280.3m in the same three months of 2013.

This was due to a lower contribution from the 30.3% stake in Petredec, which declined by SAR 171.6m to SAR 19.5m.

Operating profit was up to SAR 199.6m from SAR 135.7m, however, as oil volumes and rates increased for its tanker fleet.

Revenue