Prime Highlights
- Bahri’s second-quarter net profit jumped more than six times to SAR2.75 billion.
- Strong crude oil shipping demand and higher freight rates drove revenue growth.
Key Facts
- Bahri is Saudi Arabia’s national shipping company with a fleet of 107 vessels.
- First-half operating cash flow increased 235% while net debt fell 34%.
Background
Saudi Arabia’s National Shipping Company (Bahri) reported a more than six-fold increase in second-quarter net profit, supported by higher freight rates and strong demand for its crude oil shipping business.
The company posted a net profit of SAR2.75 billion for the quarter, compared with SAR408 million a year earlier. Revenue rose sharply to SAR6.31 billion, driven mainly by stronger performance in its oil shipping division. Higher freight rates and more vessel chartering boosted earnings during the period, Bahri said.
For the first half of 2026, net profit increased 421% year-on-year to SAR4.9 billion, while revenue climbed 144% to SAR11.27 billion. Its chemicals and product services, dry bulk, logistics and marine services businesses also supported revenue growth.
Bahri expanded its owned fleet to a record 107 vessels after acquiring five IMO2 MR chemical tankers and selling one older very large crude carrier (VLCC). After the quarter, the company signed contracts to build two container and roll-on/roll-off vessels, taking its order book to 12 vessels scheduled for delivery between 2026 and 2030.
The company also strengthened its financial position. Operating cash flow rose 235% year-on-year to SAR3.87 billion in the first half, while net debt declined 34% to SAR6.62 billion. Its net debt-to-EBITDA ratio improved to 0.72 times from 2.19 times a year earlier.
Bahri said it maintained uninterrupted operations throughout the quarter and achieved zero fatalities and zero oil spills. The company also reported an improvement in its vessel crew safety performance, reflecting its continued focus on operational excellence while supporting global energy supply chains.
