Q1-2026 revenue of SAR 4.96bn (+129% YoY), driven mainly by higher freight rates
The National Shipping Company of Saudi Arabia has announced its financial results for the first quarter of 2026, reporting revenue and net profit of SAR 4.96bn and SAR 2.15bn respectively.
“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.
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,” explained Eng. Ahmed Ali Al Subaey, Chief Executive Officer, Bahri.
Q1-2026 overview
Bahri delivered revenue of SAR 4.96bn 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.
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.
- 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
Bahri Oil delivered a strong first quarter, with revenue increasing 241% year-on-year to SAR 3.74bn and EBITDA rising 253% to SAR 2.12bn, 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 796mn, up 14% year-on-year, while EBITDA rose 42% to SAR 506mn, with EBITDA improving to 64%.
Bahri Integrated Logistics recorded revenue of SAR 285mn, 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.
