Riyadh, Kingdom of Saudi Arabia – 29 July 2026: The National Shipping Company of Saudi Arabia (Bahri), the Kingdom’s leading shipping and logistics company, announced its financial results for the second quarter and first half of 2026, reporting record net profit of SAR 2.75 billion for Q2 2026, up 574% year-on-year. Net profit for the first half of the year reached SAR 4.90 billion, an increase of 421% compared with the same period last year.

Bahri recorded Q2 revenues of SAR 6.31 billion, up 156% year-on-year, while revenues for the first half of 2026 reached SAR 11.27 billion, representing growth of 144%. The strong performance was driven primarily by Bahri Oil, which benefited from higher freight rates and increased vessel chartering activity to meet rising customer demand. Bahri Chemicals & Product Services, Bahri Dry Bulk, logistics services, and marine services also contributed to revenue growth.

The company said the results reflected its ability to adapt to changing market conditions and maintain business continuity in a challenging operating environment amid continued geopolitical tensions, while safeguarding its crews and vessels. For a shipping group whose services support the flow of energy, commodities and trade-linked cargoes, fleet availability and operational continuity remain central to performance as well as to customers relying on scheduled transport.

During the period, Bahri continued its fleet expansion and modernization program. The company acquired five chemical tankers, four of which entered full commercial operations, and divested an older Very Large Crude Carrier (VLCC). As a result, Bahri’s owned fleet reached a record 107 vessels as of the end of June 2026.

Following the end of the second quarter, Bahri signed a contract to build two new container and roll-on/roll-off vessels, lifting its newbuild orderbook to 12 vessels scheduled for delivery between 2026 and 2030.

Eng. Ahmed Ali Alsubaey, Chief Executive Officer of Bahri, said: “Bahri delivered an exceptionally strong second quarter, capping an outstanding first half of 2026 while navigating through an unprecedented volatile operating environment in the Arabian Gulf. Our people maintained disciplined execution, supported by flexible fleet deployment, strong customer relationships and the scale of our global network. These results reflect our ability to adapt quickly to changing market conditions while maintaining the reliable flow of essential trade across the Kingdom and global markets. Throughout this period, our foremost priority remained the safety of our people and the protection of our vessels. Our whole fleet remained commercially deployed during the quarter, enabling Bahri to provide continuity of service to our customers. We also made significant progress in advancing our fleet expansion and modernization program. During the quarter, we acquired five IMO2 MR chemical tankers and divested an older VLCC, bringing our owned fleet to a record 107 vessels. We also signed a newbuild contract for two additional RoCon vessels, supporting our long-term growth ambitions. Looking ahead, we remain focused on disciplined execution of our strategy, while continuing to play our part in supporting the resilience of supply chains in the Kingdom and globally amid ongoing disruptions, and in delivering sustainable long-term value for our shareholders.”

Bahri’s first-half performance also strengthened its financial position. Operating cash flow reached SAR 3.87 billion, up 235% year-on-year. Net debt declined by 34% year-on-year to SAR 6.62 billion, while the net debt-to-EBITDA ratio stood at 0.72x at the end of June 2026, compared with 2.19x a year earlier.

Operationally, Bahri reported a zero-fatality and zero-oil-spill record during the period. The Lost Time Injury Frequency Rate (LTIFR) for Bahri’s vessel crews improved to 0.13 injuries per one million working hours, compared with 0.39 a year earlier, reflecting continued progress in safety performance.

Source: Bahri tweet