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Bahri Posts Record Q2 Profit
Saudi shipping and logistics company Bahri reported a record net profit of SAR 2.75 billion for the second quarter of 2026, supported by exceptionally strong crude tanker earnings, higher chartering activity and continued fleet expansion.
The company also recorded significant revenue growth as elevated freight rates in the oil tanker market boosted financial performance during the quarter.
Strong Earnings Driven by Oil Shipping
Bahri's Q2 2026 revenue reached SAR 6.31 billion, an increase of 156% compared with the same period last year.
For the first six months of 2026, revenue climbed to SAR 11.27 billion, while net profit reached SAR 4.90 billion, representing year-on-year growth of 421%.
The company attributed the results mainly to its crude oil transportation business, which benefited from higher freight rates and increased vessel chartering to meet stronger customer demand.
Additional contributions came from Bahri's chemicals and product tanker division, dry bulk operations, logistics services and marine services.
Fleet Reaches Record Size
Bahri continued expanding and modernising its fleet during the quarter.
The company acquired five chemical tankers, with four entering commercial service, while selling one older Very Large Crude Carrier (VLCC).
These changes increased Bahri's owned fleet to a record 107 vessels by the end of June 2026.
After the reporting period, Bahri also signed a shipbuilding contract for two new container roll-on/roll-off (RoCon) vessels, bringing its orderbook to 12 newbuilds scheduled for delivery between 2026 and 2030.
Financial Position Continues to Improve
The company's stronger operating performance also improved its balance sheet.
Operating cash flow rose to SAR 3.87 billion, up 235% year on year.
Meanwhile, net debt declined 34% to SAR 6.62 billion, reducing the company's net debt-to-EBITDA ratio to 0.72x, compared with 2.19x a year earlier.
The lower debt level provides additional financial flexibility to support future fleet investments and business growth.
Focus on Safety and Operational Resilience
Despite ongoing geopolitical tensions affecting regional shipping, Bahri reported zero fatalities and zero oil spills across its operations during the reporting period.
The company also improved its Lost Time Injury Frequency Rate (LTIFR) for vessel crews from 0.39 to 0.13 injuries per one million working hours, reflecting continued progress in operational safety.
Bahri said disciplined fleet deployment, customer demand and operational resilience enabled it to maintain uninterrupted services while supporting regional and international supply chains.
