Bahri Q1 net profit up 18% to $142m; firm hits 100 ships milestone
Q1 2025 EBITDA was SAR1.2 billion (+14% YoY). Net debt-to-EBITDA was 1.85x, supported by sustained profitability and a resilient balance sheet, it said.
The company continued its fleet expansion and modernisation programme with seven vessels added, bringing the owned fleet to the 100-vessel milestone.
The positive results were primarily driven by margin expansion offsetting lower revenues in its oil transport business, continued resilience of its chemicals and dry bulk shipping segments amid prevailing market headwinds, a turnaround to profitability of its integrated logistics business, additional earnings from its new desalination barges, and increased contributions from associated companies, the company said.
Eng. Ahmed Ali Al Subaey, Chief Executive Officer of Bahri, commented: "Our first quarter results highlight the resilience of Bahri's diversified business portfolio, as we achieved strong earnings growth despite challenging market conditions. Our Oil and Dry Bulk businesses delivered positive EBITDA growth, while optimization efforts in our Chemicals business partly mitigated the impact of market normalization. Likewise, profitability improvements in our Integrated Logistics business, along with strong earnings contributions from our affiliate Petredec Group, validated the effectiveness of our strategy to expand beyond our core shipping businesses and unlock value in complementary sectors. Furthermore, we are scaling up our new desalination business in the Kingdom, and expanded our global presence with the opening of our Singapore office, bringing us closer to our Asia-Pacific customers.
'During the first quarter, we had a net addition of four modern vessels to our operating fleet, while three other vessels were added soon after quarter-end, bringing our fleet to the 100-vessel mark. Our disciplined approach to fleet expansion and modernisation ensures we remain well-positioned to act decisively in the vessel market as attractive opportunities arise.
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