The company’s Q3-2024 net profit surged 127% YoY
The National Shipping Company of Saudi Arabia (Bahri) announced its financial results for the third quarter and the first nine months of 2024, reporting strong profit growth.
For the third quarter of 2024, Bahri recorded a net profit of SAR 509mn, up 127% year-on-year (YoY). For the first nine months, net profit rose 40% YoY to SAR 1.70bn. Profit growth was propelled by higher shipping rates, growth in shipped volumes and fleet size, and improved cost efficiencies.
“Bahri’s profit growth was driven by renewed revenue expansion built on the trust and reputation for reliability we have established with our customers, coupled with our employees’ sustained focus on revenue and cost optimization to consistently outperform the market,” stated Eng. Ahmed Ali Al Subaey, CEO, Bahri.
The Chemicals business continued to lead growth, with EBITDA up 51% YoY. Oil transport provided the largest earnings contribution, with EBITDA growing by 5%. Dry Bulk showed resilience with positive EBITDA growth.
As a key pillar of Bahri’s value-accretive growth strategy, the Company made significant progress in its fleet modernization and expansion program, investing SAR 2.82bn by end-September 2024, mainly for five vessels acquired during the period.
