Bahri reports Q1 2025 results with 18 per cent net profit growth

The National Shipping Company of Saudi Arabia (Bahri) published its financial results for the first quarter of 2025 reporting an 18 per cent increase in net profit to SAR533 million (US$142 million), compared to the same period in 2024.

Bahri said this was 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.

"Our first quarter results highlight the resilience of Bahri’s diversified business portfolio, as we achieved strong earnings growth despite challenging market conditions," said Ahmed Ali Al Subaey, Chief Executive Officer of Bahri.

"Our oil and dry bulk businesses delivered positive [gross operating profit] growth, while optimisation efforts in our chemicals business partly mitigated the impact of market normalisation.

"Likewise, profitability improvements in our integrated logistics business, along with strong earnings contributions from our affiliate the Petredec Group, validated the effectiveness of our strategy to expand beyond our core shipping businesses and unlock value in complementary sectors."

During the first quarter, Bahri had a net addition of four modern vessels to its operating fleet, while three other vessels were added soon after quarter-end, bringing the 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," said al Subaey.