Bahri Posts 5,085.63 Million Riyals in Third-Quarter Profit, Up 890.7% Year on Year
Key Facts
Bahri reported net profit of 5,085.63 million riyals in the third quarter of 2026, compared with 513.36 million riyals in the same period a year earlier, an annual increase of 890.7%. Profit rose 85.1% from the second quarter, when it was 2,746.82 million riyals. The surge coincided with a 503.7% increase in company revenue to 14,826.78 million riyals. The company said revenue growth across its segments was linked to increased operating activity and higher global freight rates. The results highlight a significant expansion in the company's business during the quarter, with the oil segment remaining the largest contributor to revenue growth.
The annual increase in revenue from Bahri Oil was about 12 billion riyals, making it the biggest driver of quarterly growth. Bloomberg reported that the oil unit's sales rose about 10-fold, driven by higher prices and increased vessel chartering. Revenue at Bahri Logistics also increased by 250 million riyals year on year, while revenue at Bahri Dry Bulk rose by 41 million riyals. The increases were spread across more than one activity, although the impact of the oil business was the broadest. The comparison with the second quarter provides earlier context for this performance: Bahri said then that crude oil transportation benefited from higher freight rates and increased vessel chartering to meet customer demand.
Profit growth extended to results for the first nine months of 2026, with net profit reaching 9,981.65 million riyals, compared with 1,453.63 million riyals in the same period of 2025, a 586.7% increase. Bahri had reported first-half net profit of 4.90 billion riyals, up 421% year on year. The comparison shows that the third-quarter gains followed a period in which the company had already recorded strong growth in the first half. Operating cash flow reached 4.07 billion riyals in the nine months, up 83% year on year. Free cash flow also turned positive at 2.99 billion riyals, after an outflow of 1.31 billion riyals a year earlier.
Net debt fell to 8.16 billion riyals at the end of September 2026, from 9.85 billion riyals a year earlier. The ratio of net debt to earnings before interest, taxes, depreciation and amortization declined to 0.59 times, compared with 2.11 times at the end of September 2025. Improved cash flows and lower debt provide a parallel financial picture to the surge in operating profit. Meanwhile, Chief Executive Ahmed Al-Subaey said several company vessels had been involved in security incidents during the period, resulting in the deaths of two seafarers. This adds an operational risk to the backdrop as the company expanded its maritime transport business.
Bahri continues to expand its fleet activities into gas and ammonia transportation. It acquired 3 used medium-sized gas carriers and took delivery of the first vessel in September. The other two are expected to be delivered in the fourth quarter of 2026 and the first quarter of 2027. This follows the company's announcement that its owned fleet had reached a record 107 vessels at the end of June, after acquiring 5 chemical carriers and disposing of an older very large crude carrier. After the end of the third quarter, the company signed an agreement worth 1.692 billion riyals to build 3 very large crude carriers, scheduled for delivery between 2029 and 2030. The announced delivery dates indicate that part of the fleet plan will have an impact in the coming years.
The stock rose after the results were announced during trading on Wednesday, 28 October 2026, gaining as much as 4.8%, while the Saudi index fell 1.3% on the same day. The share move came in a session marked by a decline in the broader index, according to the trading data cited in the report. Bahri had reported second-quarter net profit of 2.75 billion riyals, up 574% year on year, and revenue of 6.31 billion riyals, a 156% increase. The company attributed that performance mainly to crude oil transportation, citing higher freight rates and increased vessel chartering as customer demand rose. In the third quarter, growth in the oil segment continued to drive revenue and profitability to higher levels than in the previous period.