30/07/2026 03:19 AST
Saudi Arabia's National Shipping Co., known as Bahri, reported a more than fivefold jump in profit in the first half of 2026, while SAL Saudi Logistics Services Co. posted double-digit growth thanks to rising cargo demand.
Bahri posted a net profit of SR4.89 billion ($1.30 billion) for the six months ending June 30, up 420.7 percent from the same period last year, according to a filing on the Saudi Exchange.
The company attributed the strong performance to higher revenue across all its business units, driven by increased operating activity and stronger global freight rates.
According to the statement, revenue from Bahri Oil BU increased by SR6 billion, followed by Bahri Chemicals BU with SR233 million, Bahri Integrated Logistics BU with SR179 million, and Bahri Dry Bulk BU with SR98 million.
The results come as Saudi Arabia accelerates efforts to position itself as a global logistics and maritime hub under Vision 2030.
The Kingdom's freight market, which expanded at a compound annual growth rate of about 13.2 percent through 2025, is expected to grow at an 18 percent CAGR through 2030, according to Makreo Research.
Ahmed Ali Al-Subaey, CEO 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."
Despite prolonged disruption to maritime traffic through the Strait of Hormuz following the regional conflict that escalated earlier this year, Bahri said it maintained full commercial deployment of its owned and chartered fleet while prioritising crew safety.
The company reported no fatalities and said all vessels remained operational.
"Throughout this period, our foremost priority remained the safety of our people and the protection of our vessels," said Al-Subaey, adding: "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."
Bahri's revenue for the first half surged 143.5 percent year on year to SR11.26 billion, while gross profit climbed 279.8 percent to SR5.10 billion.
Total shareholders' equity, after minority interest, rose to SR19 billion as of June 30, compared with SR13.76 billion a year earlier.
The company also reported a strong second quarter, with net profit rising 407.5 percent year on year to SR2.74 billion. Earnings were also 27.8 percent higher than in the first quarter.
Second-quarter revenue reached SR6.30 billion, up 156.2 percent from the same period last year.
"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," Al-Subaey added.
Arab News
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