Saudi national shipping company Bahri’s 3Q 2024 bottom line increased 127% y-o-y to SAR 509 mn (c. USD 135 mn), according to financial statements (pdf). The firm’s topline rose by 11% y-o-y to SAR 2.2 bn on the back of higher volumes due to increases in owned and chartered vessels as well as a surge in shipping rates.

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On a nine-month basis: Bahri recorded a 40% y-o-y increase in net income to SAR 1.70 bn in 9M 2024, while the company’s revenues rose 8% y-o-y to SAE 7.2 bn. The increase in earnings was supported by favorable demand-supply conditions in the chemicals and oil shipping segments, profit margin improvement from fleet modernization and expansion, schedule optimization, as well as sustained cost discipline.

REMEMBER- Bahri has been doubling down on fleet modernization, inking a USD 1 bn agreement for nine oil tankers (VLCCs) in August that is supported by a USD 756 mn Murabaha financing agreement with Alinma Bank. The shipping giant is also looking to build a fleet of 20-30 LNG tankers, CEO Ahmed Ali Al Subaey said in September.

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