Bahri's Profits Surge 891% in Third Quarter of 2026
Cubierto por 4 fuentesPublicado
- sea trade maritimeBahri profit leaps almost 900% in third quarter
- Hellenics Shipping newsBahri: Nine-Months 2026 Results With Net Profit Of SAR 9.98 Billion
- Xinde Marine NewsBahri’s Third-Quarter Profit Jumps 891% to $1.36 Billion
- Baird MaritimeBahri's Q3 profit jumps 891 per cent as disrupted tanker markets lift rates and charter-in activity
Bahri, Saudi Arabia's state-owned shipping company, announced an 891% increase in net profit for the third quarter of 2026 compared to the same period last year, driven by a 504% jump in revenue. The result is mainly explained by high VLCC freight rates, amid regional shipping disruptions and rising security risks, even as four of its vessels came under attack so far this year.
The quarter's figures
Quarterly revenue reached SAR14.83 billion (US$3.95 billion) and net profit came in at SAR5.09 billion (US$1.36 billion), according to data released on October 28. The Bahri Oil division was the main driver of the improvement, with a 913% year-on-year increase in revenue, although greater use of lower-margin chartered-in vessels pushed the unit's EBITDA margin down to 37% from 54% a year earlier. On a consolidated basis, the group's EBITDA grew 363% to SAR5.84 billion, but its margin fell to 39% from 51%.
Nine-month results and debt
In the first nine months of 2026, Bahri's net profit totaled SAR9.98 billion (US$2.66 billion), up 587% year-on-year, while revenue for the period came to SAR26.1 billion (US$6.96 billion), up 268%. The company also reduced its net debt, which fell from SAR9.85 billion at the end of September 2025 to SAR8.16 billion a year later, improving its net debt-to-EBITDA ratio to 0.59 times from 2.11 times.
Vessel attacks and casualties
During the year, four Bahri vessels were targeted in attacks linked to the conflict in the Middle East, resulting in the deaths of two crew members. Two of the vessels have already resumed commercial operations following repairs, while the other two remain under repair. Bahri's CEO, Ahmed Ali Al Subaey, offered his condolences to the victims' families and highlighted the professionalism of the crews and shore teams during the response to the incidents.
Fleet expansion
During the quarter, Bahri entered the LPG and ammonia carrier segment through the acquisition of three secondhand medium-size gas carriers, the first of which joined the fleet in September, while the other two will be added between the fourth quarter of 2026 and the first quarter of 2027. In addition, after the close of the quarter, the company signed a SAR1.692 billion agreement with International Maritime Industries (IMI) for the construction of three new VLCCs, with deliveries scheduled between 2029 and 2030, as part of its fleet renewal program.
