The National Shipping Company of Saudi Arabia (Bahri) reported net profit of SAR5.09 billion ($1.36 billion) for the third quarter of 2026. The figure was up 891 per cent from SAR513 million a year earlier.
Revenue rose 504 per cent year-on-year to SAR14.83 billion, the company said in results released on October 28.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 363 per cent to SAR5.84 billion. The EBITDA margin fell to 39 per cent from 51 per cent.
Bahri attributed the increase mainly to Bahri Oil. In that unit, regional shipping disruption and greater maritime security risks constrained vessel availability and raised realised very large crude carrier (VLCC) freight rates.
Bahri Oil took on more chartered-in vessels in response to customer demand, while its quarterly revenue rose 913 per cent to SAR13.33 billion. Lower-margin chartered tonnage made up a larger share of activity, which cut the unit's EBITDA margin to 37 per cent from 54 per cent.
Four Bahri-owned vessels were affected by conflict-related incidents during the first nine months of the year. Chief executive Ahmed Ali Al Subaey said security incidents during the third quarter resulted in the deaths of two crew members. Two of the affected vessels have returned to commercial service, while two remain under repair.
Nine-month net profit reached SAR9.98 billion, up 587 per cent. Net debt fell to SAR8.16 billion at the end of September from SAR9.85 billion a year earlier.
After the quarter closed, Bahri ordered three VLCCs from International Maritime Industries (IMI) for SAR1.692 billion. Deliveries are due in 2029–2030.