Saudi National Shipping Company (Bahri) announced its financial results for the third quarter and the first 9 months of 2026, reporting a net profit of 5.09 billion riyals for the third quarter, which represents an increase of 891 percent compared to the previous year. Additionally, the net profit for the first 9 months reached 9.98 billion riyals, reflecting a 587 percent increase compared to the same period last year.
Revenue Growth and Strong Performance
Revenue for the third quarter of 2026 reached 14.83 billion riyals, which is a 504 percent increase compared to the previous year. Revenue for the first 9 months also reached 26.10 billion riyals, showing a growth of 268 percent. This strong performance was primarily due to increased freight rates for VLCC ships and heightened chartering activities amid ongoing disruptions in regional transportation and strong customer demand. The Bahri Chemicals & Products, Integrated Logistics, and Dry Bulk sectors also experienced revenue growth during this period.
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Growth Strategy and Fleet Diversification
Bahri continued to advance its growth strategy and fleet diversification. In the third quarter of 2026, the company entered the LPG and ammonia transportation sector and purchased three second-hand medium gas carriers. The first vessel was delivered in September, and the other two are expected to join the fleet in the fourth quarter of 2026 and the first quarter of 2027.
Bahri's fleet at the end of September 2026 consisted of 107 vessels, and the company also took delivery of two previously ordered offshore support vessels during this period. After the end of the third quarter, Bahri signed an agreement worth 1.692 billion riyals with International Maritime Industries to build three new VLCCs, which are expected to be delivered between 2029 and 2030.
Bahri's strong performance in the first 9 months of the year strengthened the company's financial position. Operating cash flow reached 4.07 billion riyals, an 83 percent increase compared to the previous year. Additionally, net debt decreased to 8.16 billion riyals, and the net debt to EBITDA ratio improved to 0.59 times.
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