The National Shipping Company of Saudi Arabia (“Bahri” or the “Company”, 4030 on the Saudi Exchange), the Kingdom’s leading shipping and logistics provider, announced its financial results for the first quarter of 2026, reporting revenue and net profit of SAR 4.96 billion and SAR 2.15 billion, respectively.
Eng. Ahmed Ali Al Subaey, Chief Executive Officer of Bahri, commented: “Bahri delivered an exceptionally strong first quarter, supported by higher freight rates, the benefit of our larger fleet, and increased charter-in activity to meet higher cargo requirements. Just as importantly, we remained focused on delivering safe, dependable service to our customers while navigating through a more complex and volatile environment.
Despite disruption to maritime traffic through the Strait of Hormuz and heightened regional uncertainty, Bahri remained resilient throughout the quarter, with all of our vessels commercially deployed. Our people and vessels remained safe, and our fleet continued to operate and serve our customers reliably, supported by the dedication of our crews and onshore teams. Our long-standing global partnerships also remained a source of strength, providing demand visibility and commercial stability while helping us respond proactively to evolving trade flows, shipping routes, and customer requirements.
We continue to monitor developments in the region closely and assess their broader implications for the operating environment. Our priority remains the safety of our people and assets, and the continuity of our operations. Amid heightened uncertainty, we remain committed to leveraging our scale and integrated capabilities to support the flow of essential trade and enable economic activity in the Kingdom and across global markets, fulfilling Bahri’s role as a responsible participant in the global supply chain.”
FIRST QUARTER 2026 OVERVIEW
Bahri delivered revenue of SAR 4.96 billion in Q1 2026, representing a 129% year-on-year increase, driven primarily by a sharp uplift in Bahri Oil and supported by higher contributions across all other business units. The revenue increase in Bahri Oil was mainly attributable to a substantial rise in freight rates, supported by improving supply-demand dynamics in the crude oil transportation market, the escalation of regional disruption, the benefit of its expanded fleet, and increased voyage charter-in activity to meet higher customer requirements.
Group EBITDA rose 137% year-on-year to SAR 2.84 billion, lifting EBITDA margin to 57% from 55% in Q1 2025. EBITDA growth was led by Bahri Oil, reflecting higher revenue and the stronger earnings environment during the quarter. This was further supported by EBITDA growth in Bahri Chemicals & Products and Bahri Dry Bulk, which benefited from firmer freight rates in the clean petroleum products and dry bulk markets, respectively. Bahri Marine Services also contributed to EBITDA growth, reflecting a larger operating base compared with Q1 2025.
These gains were partly offset by lower income from associated company Petredec Group and a decline in Bahri Integrated Logistics’ EBITDA attributable to a one-off reversal of prior-year cost accruals in Q1 2025.
Net profit attributable to Bahri shareholders reached SAR 2.15 billion, more than four times the SAR 533 million recorded in Q1 2025, reflecting the strong rise in operating profitability during the quarter. Compared with Q4 2025, Bahri’s revenue increased by 52%, while EBITDA and net profit rose by 69% and 120%, respectively, driven mainly by Bahri Oil, alongside stronger results from Chemicals & Products and Marine Services.
Bahri generated net operating cash flow of SAR 1.34 billion in Q1 2026, up 174% year-on-year, supported by the strength in earnings during the quarter. Capital expenditures amounted to SAR 68 million, mainly for capitalized vessel maintenance costs, compared with SAR 1.69 billion in Q1 2025, when the Company made full payments on four VLCCs acquired as part of its fleet expansion program. As a result, free cash flow turned positive at SAR 1.28 billion, compared with an outflow of SAR 1.20 billion in the prior-year quarter.
KEY OPERATIONAL HIGHLIGHTS (Q1 2026)
Maintained zero fatalities and zero oil spills, reflecting Bahri’s continued commitment to safety, disciplined operations, and responsible maritime practices.
Improved the 12-month rolling Lost Time Injury Frequency Rate to 0.17 injuries per million work hours, compared with 0.18 for full-year 2025 and 0.31 for the 12-month period ended March 2025.
Kept all owned and chartered vessels safe and commercially deployed throughout the quarter, despite disruption to traffic through the Strait of Hormuz and heightened regional uncertainty.
Leveraged Bahri’s expanded owned fleet and flexible charter-in activity to meet higher customer requirements and respond to evolving trade flows.
Maintained Bahri’s owned fleet at 104 vessels, with no additions or divestments during the quarter, which is an increase of 7 vessels compared to the end of Q1 2025.
Released 6 long-term leased vessels within Bahri Chemicals & Products. As a result, total fleet operated by Bahri now stands at 107 vessels, including the three remaining long-term leased vessels within Bahri Chemicals & Products.
KEY BUSINESS UNIT HIGHLIGHTS (Q1 2026)
Bahri Oil delivered a strong first quarter, with revenue increasing 241% year-on-year to SAR 3.74 billion and EBITDA rising 253% to SAR 2.12 billion, supported by materially higher freight rates, the expansion of the VLCC fleet to 50 vessels compared to 44 vessels as at end-Q1 2025, and increased charter-in activity to meet increased customer demand.
Bahri Chemicals & Products reported revenue of SAR 796 million, up 14% year-on-year, while EBITDA rose 42% to SAR 506 million, with EBITDA margin improving to 64%. The business benefited from a continued focus on higher-margin clean petroleum products cargoes, proactive vessel deployment, and disciplined commercial execution.
During the quarter, Bahri Chemicals & Products renewed its COA with Luberef and Saudi Basic Industries (SABIC), and secured a new chemicals COA with Mitsui & Co., marking the first COA concluded through Bahri’s Singapore office, which became operational in 2025.
Bahri Integrated Logistics recorded revenue of SAR 285 million, up 7% year-on-year, supported by higher Bahri Line activity following the addition of a multipurpose vessel in 2025 and continued progress across the broader logistics platform. EBITDA declined due to operational disruptions, increased operating costs, and provisions linked partly to the conflict in the region.
Continued to advance its diversification plans, including stronger contributions from Bahri Air and operations at the Dubai World Central logistics hub, progress on the Jeddah bonded zone warehouse, the planned opening of an agency office in Jazan, and preparation for the delivery of two offshore support vessels in 2026.
Bahri Dry Bulk delivered revenue of SAR 96 million, up 2% year-on-year, while EBITDA increased 40% to SAR 40 million, with EBITDA margin rising to 42%, supported by higher revenue from owned vessels, carry-through of contracts booked at favorable rates in late 2025, and disciplined positioning in higher freight rate basins.
Bahri Marine Services contributed positively to EBITDA growth during the quarter as all three barges produced reliably at target capacity, further supported by a larger operating base compared with Q1 2025.
KEY STRATEGIC HIGHLIGHTS (Q1 2026)
Bahri continued to demonstrate resilience and operational agility amid regional disruption, maintaining safe commercial deployment across its owned and chartered fleet. The Company continued to benefit from the scale of its expanded fleet and integrated capabilities, allowing it to respond effectively to customer requirements and changing trade flows.
Bahri maintained its focus on disciplined capital allocation, with Q1 capital expenditure limited primarily to capitalized vessel maintenance costs.
Bahri’s net debt-to-EBITDA improved to 14x given its improved cash position and higher EBITDA during the quarter, reinforcing balance sheet strength and financial flexibility.
The Company remains on track with its newbuild orderbook of 10 vessels, including two offshore support vessels expected in 2026, six geared Ultramax vessels scheduled for delivery between 2028 and 2029, and two RoCon vessels scheduled for delivery in 2029.
Bahri continued to strengthen its Asia-Pacific commercial presence through its Singapore office, supporting customer reach, spot business growth, and new contract opportunities.
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