Saudi Arabia's National Shipping Company (Bahri) today (July 29) reported a more than six-fold increase in its second-quarter net profit, while its revenue soared to SAR6.31 billion ($1.6 billion), helped by higher freight rates and stronger demand for its crude oil shipping business.
Announcing the solid results for the three-month period ended June 30, 2026, Bahri said its net profit rose to SAR2.75 billion ($733 million) in the three months ended June 30 from SAR408 million ($107 million) a year earlier.
For the first half of 2026, net profit climbed 421% year-on-year to SAR4.9 billion, while revenue rose 144% to SAR11.27 billion.
Bahri said the results were primarily driven by its oil shipping division, which benefited from higher freight rates and increased vessel chartering activity to meet stronger customer demand.
Its chemicals and product services, dry bulk, logistics and marine services businesses also contributed to revenue growth.
Commenting on the results, CEO Eng. Ahmed Ali Alsubaey said: “Bahri delivered an exceptionally strong second quarter, capping an outstanding first half of 2026 while navigating through an unprecedented volatile operating environment in the Arabian Gulf.”
“Our people maintained disciplined execution, supported by flexible fleet deployment, strong customer relationships and the scale of our global network. These results reflect our ability to adapt quickly to changing market conditions while maintaining the reliable flow of essential trade across the Kingdom and global markets,” he stated.
Throughout this period, our foremost priority remained the safety of our people and the protection of our vessels. Our whole fleet remained commercially deployed during the quarter, enabling Bahri to provide continuity of service to our customers. We also made significant progress in advancing our fleet expansion and modernization program. During the quarter, we acquired five IMO2 MR chemical tankers and divested an older VLCC, bringing our owned fleet to a record 107 vessels. We also signed a newbuild contract for two additional RoCon vessels, supporting our long-term growth ambitions.
Looking ahead, we remain focused on disciplined execution of our strategy, while continuing to play our part in supporting the resilience of supply chains in the Kingdom and globally amid ongoing disruptions, and in delivering sustainable long-term value for our shareholders.”Bahri’s strong performance during the first half of the year also contributed to a stronger financial position, with operating cash flow reaching SAR 3.87 billion, up 235% year-on-year.
Net debt declined by 34% year-on-year to SAR 6.62 billion, while the net debt-to-EBITDA ratio stood at 0.72x at the end of June 2026, compared with 2.19x a year earlier, further strengthening the Company’s financial flexibility to pursue future growth opportunities.
During the quarter, Bahri expanded its owned fleet to 107 vessels after acquiring five chemical tankers and disposing of one very large crude carrier (VLCC).
After the quarter ended, it signed contracts to build two container and roll-on/roll-off vessels, bringing its orderbook to 12 vessels scheduled for delivery between 2026 and 2030.
Operating cash flow rose 235% year-on-year to 3.87 billion riyals in the first half, while net debt fell 34% to 6.62 billion riyals. The company's net debt-to-Ebitda ratio improved to 0.72 times at the end of June from 2.19 times a year earlier.
Bahri said operationally, it had maintained its strong commitment to safety, disciplined execution, and responsible maritime practices, achieving a zero-fatality and zero-oil-spill record during the period.
The Lost Time Injury Frequency Rate (LTIFR) for Bahri’s vessel crews also improved to 0.13 injuries per one million working hours, compared with 0.39 a year earlier, reflecting continued progress in operational safety performance, it added.-TradeArabia News Service
