Bahri’s Q3 profit jumps 891% to SAR 5.086 billion
Key Facts
Bahri’s net profit jumped to SAR 5.086 billion in the third quarter of 2026, compared with SAR 513 million in the same period of 2025, an annual increase of 891%, according to the company’s financial disclosure. Group revenue rose 504% to SAR 14.827 billion, from SAR 2.456 billion a year earlier. On a quarterly basis, net profit increased 85% and revenue 135% compared with the second quarter of 2026. The comparison shows that third-quarter growth was not limited to a year-on-year basis, but also reflected accelerating activity and profitability from the previous quarter. Chief Executive Ahmed Al-Subaie said the company maintained “the smooth and reliable transportation of essential goods within the Kingdom and to global markets.”
The oil unit was the biggest driver of results, with its revenue rising 913% to SAR 13.333 billion in the third quarter, from SAR 1.316 billion a year earlier. The unit’s earnings before interest, taxes, depreciation and amortization also climbed 598% to SAR 4.923 billion, compared with SAR 706 million. Bahri attributed the performance to higher realized freight rates for very large crude carriers, amid regional shipping disruptions and maritime security risks that constrained vessel availability. The company added that increased vessel chartering helped meet customer demand. This reflects revenue growth’s reliance on higher rates and expanded chartered operating capacity alongside the owned fleet.
But the increase in chartered activity weighed on the unit’s margin: earnings before interest, taxes, depreciation and amortization margin fell to 37% in the third quarter, from 54% in the corresponding period of 2025. The company said the decline was due to a larger share of lower-margin revenue generated by chartered vessels. In a market context, Seatrade Maritime reported that very large crude carrier freight rates on the Arabian Gulf–China route reached a record $28.28 per barrel in September. That level supports the market picture described by the company as one of higher realized freight rates, but it does not change the fact that the unit’s margin declined from a year earlier. The figures thus highlight the quarter’s contrast: strong revenue and profit growth alongside a lower-margin business mix.
Other units posted mixed growth, with integrated logistics revenue rising 101% to SAR 497 million. Chemicals and products revenue increased 5% to SAR 793 million, while dry bulk revenue climbed 38% to SAR 149 million. For the first nine months of 2026, group revenue reached SAR 26.096 billion, up 268% year on year, and net profit reached SAR 9.982 billion, a 587% increase. Operating cash flow during the period was SAR 4.073 billion. Net debt also fell to SAR 8.160 billion at the end of September, compared with SAR 9.853 billion at the end of September 2025.
The results came alongside operational risks and a human toll: Bahri said four of its owned vessels were affected by conflict-related incidents during the first nine months of 2026, resulting in the deaths of two seafarers. Two of the damaged vessels returned to service after repairs, while two remained under repair as of the disclosure date. The company did not specify in its disclosure that the third-quarter incidents occurred in the Strait of Hormuz. Al-Subaie said changing trade routes and evolving customer requirements had increased the importance of flexibility and adaptability in the sector. These developments place fleet performance and worker safety among the operating conditions accompanying business growth.
Bahri expects shipping market conditions to remain highly volatile through the end of 2026, with freight rates tied to geopolitical developments in the Arabian Gulf and the Red Sea. The company believes a recovery in crude exports could support vessel demand, while supply remains limited. After the quarter ended, Bahri signed a contract on October 25 worth approximately SAR 1.692 billion to build three very large crude carriers, with deliveries scheduled in stages between 2029 and 2030. The contract adds long-term demand for fleet construction, while near-term operating results remain tied to market volatility and vessel availability. The company’s outlook combines continued geopolitical uncertainty with the possibility of demand support as crude exports recover.