The National Shipping Company of Saudi Arabia (Bahri), the Kingdom’s leading shipping and logistics company, announced its financial results for the second quarter and first half of 2026, reporting a net profit of SAR 2.75 billion for Q2 2026, up 574% year-on-year, while net profit for the first half of the year reached SAR 4.90 billion, an increase of 421% compared with the same period last year.
Bahri recorded Q2 revenues of SAR 6.31 billion, up 156% year-on-year, while revenues for the first half of 2026 reached SAR 11.27 billion, representing growth of 144%. The strong performance was primarily driven by Bahri Oil, which benefited from higher freight rates and increased vessel chartering activity to meet growing customer demand. Bahri Chemicals & Product Services, Bahri Dry Bulk, logistics services, and marine services also contributed to revenue growth.
The results reflect Bahri’s ability to capitalize on evolving market conditions and respond with agility to a challenging operating environment amid continued geopolitical tensions, while maintaining business continuity and safeguarding its crews and vessels.
During the period, Bahri continued to advance its fleet expansion and modernization program, acquiring five chemical tankers, four of which entered full commercial operations, while also divesting an older Very Large Crude Carrier (VLCC). This brought Bahri’s owned fleet to a record 107 vessels as of the end of June 2026. Following the end of the second quarter, the Company signed a contract to build two new container and roll-on/roll-off vessels, increasing its newbuild orderbook to 12 vessels scheduled for delivery between 2026 and 2030.
Commenting on the results, Eng. Ahmed Ali Alsubaey, Chief Executive Officer of Bahri, said:
“Bahri delivered an exceptionally strong second quarter, capping an outstanding first half of 2026 while navigating through an unprecedented volatile operating environment in the Arabian Gulf. Our people maintained disciplined execution, supported by flexible fleet deployment, strong customer relationships and the scale of our global network. These results reflect our ability to adapt quickly to changing market conditions while maintaining the reliable flow of essential trade across the Kingdom and global markets.
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Throughout this period, our foremost priority remained the safety of our people and the protection of our vessels. Our whole fleet remained commercially deployed during the quarter, enabling Bahri to provide continuity of service to our customers. We also made significant progress in advancing our fleet expansion and modernization program. During the quarter, we acquired five IMO2 MR chemical tankers and divested an older VLCC, bringing our owned fleet to a record 107 vessels. We also signed a newbuild contract for two additional RoCon vessels, supporting our long-term growth ambitions.
Looking ahead, we remain focused on disciplined execution of our strategy, while continuing to play our part in supporting the resilience of supply chains in the Kingdom and globally amid ongoing disruptions, and in delivering sustainable long-term value for our shareholders.”Bahri’s strong performance during the first half of the year also contributed to a stronger financial position, with operating cash flow reaching SAR 3.87 billion, up 235% year-on-year. Net debt declined by 34% year-on-year to SAR 6.62 billion, while the net debt-to-EBITDA ratio stood at 0.72x at the end of June 2026, compared with 2.19x a year earlier, further strengthening the Company’s financial flexibility to pursue future growth opportunities.
Operationally, Bahri maintained its strong commitment to safety, disciplined execution, and responsible maritime practices, achieving a zero-fatality and zero-oil-spill record during the period. The Lost Time Injury Frequency Rate (LTIFR) for Bahri’s vessel crews also improved to 0.13 injuries per one million working hours, compared with 0.39 a year earlier, reflecting continued progress in operational safety performance.
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