Bahri H1 2025 profit hits SAR 940.3M, Q2 at SAR 407.5M

National Shipping Company of Saudi Arabia (Bahri) reported a net profit of SAR 940.3 million in H1 2025, a decline from SAR 1.18 billion in the year-earlier period.

The profit decline was attributed to an annual drop in revenue by SAR 397 million, mainly driven by the decline in global shipping rates across certain sectors. Annual revenues from the chemicals segment fell by SAR 258 million, while the oil segment declined by SAR 188 million.

However, lower revenue was partially offset by the increase in revenue from the integrated logistics segment by SAR 42 million year-on-year (YoY).

Additionally, the shipping major reported a decrease in gross profit by SAR 260 million, mainly due to the decline in global shipping rates across some of the group’s business units. Gross profit of the chemicals segment fell by SAR 268 million YoY, while the oil segment declined by SAR 29 million YoY.

Meanwhile, other income fell by SAR 77 million YoY, mainly due to the recognition of capital gains from vessel sales of SAR 98 million in H1 2024, compared to SAR 7 million in the current period.

General and administrative expenses increased by SAR 57 million YoY, while finance income rose by SAR 23 million YoY.

On the other hand, the decrease in net profit was partially offset by the increase in the company’s share in results of equity accounted investees by SAR 125 million YoY, and the increase in gross profit of the integrated logistics segment by SAR 37 million, driven by improved operational performance during the current period.

Q2 2025 net profit fell 44.4% to SAR 407.4 million, compared to SAR 733.1 million in Q2 2024.

On a quarterly basis, net earnings retreated 23.5% from SAR 532.8 million in Q1 2025.

Total shareholders’ equity, after minority interest, reached SAR 13.76 billion by June 30, 2025, compared to SAR 12.63 billion a year ago.

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