Saudi operations lift Vallianz Q2 bottom line

VALLIANZ Holdings posted a surge in its second-quarter net profit yesterday to US$5.3 million, from US$1.9 million a year ago, boosted by its Saudi Arabian operations.

The strong bottomline performance was fuelled mainly by significantly higher revenue of US$38.6 million in the three months ended June 30, compared with US$4.7 million last year.

Revenue was lifted by contributions from the group's operations in Saudi Arabia through its subsidiary there - Rawabi Swiber Offshore Services - which derives charter revenue by providing offshore support vessels to customers in the Middle East.