Bahri Reports Strong First Half 2025 Results, Driven by Fleet Expansion and Operational Efficiencies
Second-quarter revenue rises 14% QoQ; net profit reaches SAR 940 million in H1 2025 as Bahri deepens its market leadership and enhances fleet capabilities.
The National Shipping Company of Saudi Arabia (Bahri; Tadawul: 4030), the Kingdom’s premier logistics and transportation company, has reported solid financial and operational performance for the second quarter and first half of 2025. Amid dynamic global shipping markets, Bahri continues to demonstrate resilience, strategic agility, and a clear commitment to growth through fleet modernization, disciplined investments, and operational excellence.
For the three months ending June 30, 2025, Bahri posted a net profit of SAR 407 million, contributing to a first-half net profit of SAR 940 million. This performance reflects the company’s robust execution across its core business units and its ability to adapt effectively to evolving market dynamics.
Revenue for the second quarter of 2025 stood at SAR 2.46 billion, representing a 14% increase compared to the first quarter of the year. However, on a year-on-year basis, revenue was down by 9%, primarily due to the normalization of the chemicals and clean petroleum products (CPP) shipping markets, which saw elevated activity in the prior-year period.
EBITDA for the first half of 2025 reached SAR 2.30 billion, with an EBITDA margin of 50%—a testament to Bahri’s continued emphasis on cost discipline and the improved performance of its owned fleet. The company’s strong margin profile highlights the efficiencies achieved from deploying a younger, modernized fleet and optimizing asset utilization across its business segments.
CEO Commentary: Strengthening Bahri’s Strategic Position
Commenting on the results, Eng. Ahmed Al Subaey, CEO of Bahri, expressed confidence in the company’s trajectory and emphasized Bahri’s continued leadership in the region’s maritime and logistics ecosystem.
“We are solidifying Bahri’s leadership position in the shipping and logistics sector and have gained significant momentum over the past 12 months,” said Al Subaey. “Through the acquisition of 19 modern vessels, we have expanded our fleet to 103 vessels, reinforcing our service capabilities and extending our global reach. This expansion was executed prudently, ensuring each addition contributes value to our operations and enhances the quality of service we offer our clients worldwide.”
The CEO noted that Bahri had capitalized on favorable market conditions in 2024 to expand its fleet while maintaining a strong balance sheet. In 2025, amid a more volatile and competitive environment, the company has shifted focus toward cost optimization and fleet productivity, leveraging its investments in high-performance vessels.
“This year’s more dynamic market requires us to work smarter,” Al Subaey added. “By deploying our larger, younger fleet, we are achieving better cost efficiencies and safeguarding margins. Bahri’s traditional strengths—resilience and agility—remain at the core of our operating model.”
Segment Highlights: VLCCs, Chemicals, Dry Bulk, and Logistics
Bahri’s diversified portfolio and operational agility were evident in the performance of its various business units during the second quarter:
- Bahri Oil, the company’s largest segment, delivered resilient EBITDA, benefiting from improved fleet economics as the company continues to phase in its newer Very Large Crude Carriers (VLCCs). The larger and more efficient VLCC fleet has enabled Bahri to remain competitive on key long-haul routes.
- Bahri Chemicals and Bahri Dry Bulk both underwent a strategic shift over the past year. In 2024, both units relied heavily on leased tonnage to address surging demand. In 2025, they are now realizing improved margins by deploying owned vessels, reflecting the positive impact of fleet expansion and tighter chartering discipline.
- Integrated Logistics is currently focused on maximizing asset utilization and driving productivity gains. This segment is a cornerstone of Bahri’s strategy to become a fully integrated global logistics solutions provider, extending beyond traditional shipping.
In a notable operational development, Bahri successfully launched all three of its desalination barges in the second quarter. These assets are expected to generate stable, recurring cash flows, supporting Bahri’s long-term goal of portfolio diversification and non-cyclical revenue streams.
Commitment to Shareholder Value
Bahri’s strong financial results and strategic initiatives are translating directly into value for shareholders. During the quarter, the General Assembly approved a cash dividend of SAR 1.00 per share and a 25% bonus share issuance, underscoring management’s commitment to return capital to shareholders while maintaining financial flexibility for growth.
“We remain steadfast in our mission to create value for shareholders,” said Al Subaey. “Our ability to convert operational strength into tangible returns reflects the health of our balance sheet, the strength of our leadership, and the robustness of our business model.”
Advancing Sustainability: Cleaner Operations and Regulatory Compliance
Bahri also made substantial progress in environmental performance and compliance with international regulations. As of June 2025, 69% of Bahri’s VLCC fleet is now equipped with exhaust gas cleaning systems (scrubbers)—a significant increase from 38% at the same time in 2024.
These upgrades are helping the company reduce sulfur oxide emissions, improve fuel efficiency, and comply with IMO 2020 and other environmental mandates. The adoption of scrubber technology aligns with Bahri’s broader sustainability strategy and reflects its commitment to responsible and forward-looking maritime operations.
“Our investments in scrubbers and other green technologies are not only about compliance but about leadership,” said Al Subaey. “We are committed to meeting the highest standards in environmental stewardship while enhancing long-term operating efficiency.”
Building Momentum for the Second Half
Looking ahead, Bahri remains cautiously optimistic about the second half of 2025. While global shipping markets remain complex, Bahri is confident that its expanded, modern fleet and diversified service offerings will support continued growth.
The company will maintain a focus on:
- Maximizing fleet productivity, especially in high-demand segments.
- Leveraging spot and time-charter opportunities to secure favorable freight rates.
- Improving operational agility and cost efficiency across business units.
- Exploring new markets and services, including expanding logistics and desalination offerings.
Bahri’s financial strength and strategic clarity provide a solid foundation for navigating the remainder of the year. With global trade gradually recovering and demand for crude, chemicals, and dry bulk commodities expected to stabilize, the company is well-positioned to sustain momentum and deliver long-term, cycle-proof value to shareholders, customers, and the broader Saudi economy.
The National Shipping Company of Saudi Arabia (Bahri) is one of the world’s foremost logistics and transportation companies, playing a vital role in the Kingdom’s supply chain ecosystem. With a diversified fleet serving energy, chemicals, dry bulk, and logistics segments, Bahri operates across global trade routes and is a key enabler of Saudi Arabia’s Vision 2030 goals for trade, industrial growth, and sustainability.