On 2026-07-29 08:03:41 (Saudi Time), The National Shipping Company of Saudi Arabia (Bahri) announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

For the six-month period ending 30 June 2026, Bahri's sales/revenue surged 143.511% YoY to SAR 11,269.61 million (from SAR 4,627.96 million), driven primarily by a SAR 6 billion revenue increase in the Bahri Oil BU, alongside gains of SAR 233 million in Bahri Chemicals BU, SAR 179 million in Bahri Integrated Logistics BU, and SAR 98 million in Bahri Dry Bulk BU, all underpinned by increased operational activities and higher global freight rates. Net profit attributable to shareholders rose 420.703% YoY to SAR 4,896.02 million (from SAR 940.27 million), primarily due to a SAR 3.8 billion increase in gross profit led by Bahri Oil BU (up SAR 3.3 billion) and Bahri Chemicals BU (up SAR 379 million), supplemented by a SAR 112 million increase in share of results from equity-accounted investees, a SAR 88 million rise in other income (including a capital gain from the sale of a vessel), and a SAR 52 million increase in finance income.

Quarter-on-Quarter Performance Drivers

QoQ revenue rose 27.016% to SAR 6,305.39 million (vs. SAR 4,964.22 million in the previous quarter), driven by increased operational activities and higher global freight rates across all business units, with Bahri Oil BU contributing the largest gain of SAR 986 million, followed by Bahri Integrated Logistics BU (SAR 152 million), Bahri Chemicals BU (SAR 103 million), and Bahri Dry Bulk BU (SAR 99 million). Net profit attributable to shareholders rose 27.806% QoQ to SAR 2,746.82 million, primarily driven by a SAR 498 million increase in gross profit (led by Bahri Oil BU up SAR 370 million and Bahri Chemicals BU up SAR 78 million), supplemented by a SAR 57 million increase in other income from a capital gain on vessel sale, and a SAR 49 million increase in share of results from equity-accounted investees.

Other Items

The external auditor issued an unmodified conclusion with no additional comments, reservations, or adverse opinions noted. Certain comparative figures for the previous period have been reclassified to conform with the presentation adopted in the current period. Total shareholders' equity (after deducting minority equity) stood at SAR 19,007 million as of 30 June 2026, compared to SAR 13,767 million for the same period of the previous year, representing an increase of 38.062%. Earnings per share for the current six-month period were SAR 5.31, compared to SAR 1.02 for the same period of the previous year. No material risks, going concern uncertainties, debt covenant breaches, or accumulated losses were disclosed in the announcement.

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