Strong second-half momentum and fleet expansion underpin highest annual revenue
“2025 was a defining year for Bahri. We began the year with a clear strategic direction and executed with discipline to deliver record-breaking revenue and earnings, while navigating a dynamic global operating environment,” stated Eng. Ahmed Ali Al Subaey, Chief Executive Officer, Bahri.
Prudent growth
“Our focus on prudent and opportunistic growth by adding 12 modern vessels to our fleet, including 10 VLCCs, supported our ability to capture favorable market conditions and increased demand in the crude oil transportation market during the second half of the year. Building on these acquisitions, we continued to invest in our fleet, ending 2025 with purchase contracts for 10 newbuild vessels scheduled for delivery over the next four years,” he explained.
Beyond fleet scale, which now exceeds 100 vessels, we emphasized commercial agility and operational focus to protect margins across our portfolio. In our Chemicals and Dry Bulk businesses, we shifted emphasis toward higher margin owned tonnage to enhance earnings quality,” he added.
Q4-2025 overview
Bahri delivered Q4 2025 revenue of $ 3.26 billion, representing a 47% year-on-year increase and 33% quarter-on-quarter growth, supported by stronger trading activity and improved market conditions in crude oil transportation.
The expansion of Bahri’s owned fleet during 2025, including a net addition of nine Very Large Crude Carriers (VLCCs), enhanced the Company’s ability to capture the upturn in crude tanker markets during the quarter.
Net profit more than doubled year-on-year to US$ 978mn, with net profit margin expanding to 30%.
Full year 2025 overview
For the full year, Bahri reported a record revenue of US$ 10.35bn, up 9% year-on-year, and EBITDA of US$ 5.23bn, representing an 11% increase compared to 2024. Performance was driven primarily by strong earnings growth from the Oil business unit, improving momentum in the second half of the year, and the benefit of disciplined fleet expansion.
Net profit for the year reached US$ 2.43bn, the highest annual earnings in Bahri’s history, supported by strong performance from the Oil business unit alongside resilient contributions across the broader portfolio.
Operating cash flow totalled US$ 3.26bn, while capital expenditures of US$ 4.25bn reflected fleet investments, including final payments for eight modern second-hand vessels and initial instalments for ten newbuild vessels scheduled for delivery between 2026 and 2029.
