Bahri reports first quarter 2025 results with 18% net profit growth
Continued fleet expansion and modernization program with seven vessels added, bringing the owned fleet to the 100-vessel milestone.
Net debt-to-EBITDA of 1.85x, supported by sustained profitability and a resilient balance sheet.
Riyadh, Kingdom of Saudi Arabia: The National Shipping Company of Saudi Arabia ('Bahri' or the 'Company', 4030 on the Saudi Exchange), the Kingdom's leading shipping and logistics provider, announced its financial results for the first quarter of 2025 reporting an 18% increase in net profit to SAR 533 million, compared to the same period in 2024, 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.
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 modernization ensures we remain well-positioned to act decisively in the vessel market as attractive opportunities arise.
In the face of ongoing global trade and economic uncertainty, Bahri's diversified platform and operational agility continue to underpin our resilience. We are firmly focused on delivering value-accretive growth for our shareholders while playing a central role in transforming the Kingdom's shipping and logistics sector in support of Vision 2030."
ABOUT BAHRI
Founded in 1978 as the National Shipping Company of Saudi Arabia, Bahri has grown into the Kingdom's leading shipping and logistics company and a global leader in maritime transportation. Headquartered in Riyadh, Saudi Arabia, Bahri operates a fleet of 97 owned vessels, 14 vessels under long-term lease agreements, and two floating seawater desalination barges, as of the end of Q1 2025. The Company is also recognized as one of the world's largest owners and operators of VLCCs.
Bahri's diversified operations cover the transportation of crude oil, refined products, chemicals, dry bulk and breakbulk cargo, as well as the purchase, sale, chartering, and operation of vessels. The Company also offers integrated logistics solutions, including freight forwarding, warehousing, customs clearance, and contract logistics. In 2024, Bahri entered into the seawater desalination industry with the operation of mobile desalination barges.
Bahri's business activities are organized across four core business units – Bahri Oil, Bahri Chemicals, Bahri Dry Bulk, and Bahri Integrated Logistics – supported by the Bahri Ship Management shared services platform. A fifth business unit, Bahri Marine Services, began operations in 2024. Bahri also holds strategic non-controlling equity interests in Petredec Group, National Grain Company, and International Maritime Industries.
Driven by a team of over 4,800 professionals across its onshore and offshore operations, Bahri is deeply committed to advancing Saudi Vision 2030, transforming the Kingdom into a strategic regional shipping hub and logistics gateway, and remaining a vital and responsible leader in the global supply chain.
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