The National Shipping Co. of Saudi Arabia, also known as Bahri, reported a 12.07 percent surge in annual profit as stronger tanker earnings and increasing global freight rates improved outcomes.
According to a filing on the Saudi Exchange, the net profit attributable to shareholders posted SR2.43 billion ($647.46 million) in 2025, in comparison with SR2.17 billion in the previous year.
Revenue for the year ended December 31, 2025, rose 9.12 percent to SR10.35 billion, compared with SR9.48 billion in 2024, but gross profit increased 14.71 percent to SR3.10 billion.
Pointing out the main reason for the increase in net profit during the current year, the company said, “The increase in gross profit of Bahri Oil BU by SR755 million is mainly due to improved operational performance and global shipping rates during the current year compared to the last year.”
It stated, “The increase in the company’s share of results of equity-accounted investees by SR134 million during the current year compared to the last year.”
The gains were partly offset by declines in other areas. Gross profit from the chemicals business unit dropped by SR324 million, while the integrated logistics unit recorded a SR37 million decline.
The company’s operating profit soared 4.67 percent year-on-year to SR2.73 billion, indicating improved operational performance throughout several business units.
Bahri reported that the rise in revenues was largely due to the increased activity in its various segments, specifically its oil business segment, which saw an increase of SR1.26 billion attributed to increased operational activity and higher international shipping rates.
However, the increase in revenue was not fully offset by a decrease in other segments. Revenue from the chemicals business unit decreased by SR396 million; meanwhile, the dry bulk unit performed down by SR87 million compared with the previous year.
Bahri also indicated a SR138 million decrease in other income, largely attributable to a reduction in capital gains on vehicle sales. The company has experienced an increase in gains on vessel sales of SR216 million in the last year and a reduction of SR6 million this year. There were also increased costs of general and administrative expenses and more costs of finance that burdened profitability.
The total comprehensive income attributable to shareholders stood at SR2.38 billion, with an increase of 8.65 percent compared to last year, which had reached SR2.19 billion.
The total shareholders’ equity has increased 12.07 percent to SR15.27 billion, compared with the previous year, which was SR13.63 billion, and earnings per share have also improved to SR2.63 as opposed to SR2.35.
In a separate report, it was suggested by the board of directors of Bahri that cash dividends be distributed in the 2025 fiscal year, amounting to SR922.85 million, which translates to SR1 per share.
The proposed dividend amount is 10 percent of the par value and will be paid to shareholders of shareholding 922.85 million shares eligible to receive the dividend, which will be approved during the next general assembly of the corporation. At a later stage, the eligibility dates and distribution dates will be announced.
