Bahri, the National Shipping Company of Saudi Arabia and a leading provider in the shipping and logistics sector, has released its financial results for the first quarter of 2025. The company reported an impressive 18% growth in net profit, reaching SAR 533 million when compared to the same period in 2024. This growth was largely attributed to margin expansion, despite experiencing a decline in revenues from its oil transport sector.
The resilience of its chemicals and dry bulk shipping segments, along with a profitable turnaround in its integrated logistics business and earnings from new desalination barges, contributed to this positive performance. Additionally, increased contributions from associated companies supported overall profit growth. Eng.
Ahmed Ali Al Subaey, the Chief Executive Officer of Bahri, emphasized the strength of the company’s diversified business model in the face of challenging market conditions. He pointed out that both the Oil and Dry Bulk sectors showcased positive EBITDA growth, while optimization efforts in the Chemicals sector mitigated the effects of market normalization. The improvements in profitability in the Integrated Logistics business, along with solid earnings from the affiliate Petredec Group, validate Bahri’s strategy to expand beyond core shipping operations to generate value in complementary areas.
During this quarter, Bahri added four modern vessels to its fleet, reaching a total of 100 vessels with the addition of three more shortly after the quarter’s end. The company’s disciplined approach to fleet modernization positions it well to take advantage of any new opportunities in the vessel market. In light of ongoing global trade uncertainties, Bahri remains committed to delivering shareholder value and enhancing the Kingdom’s shipping and logistics sector, aligning with Vision 2030.