Bahri profit rises 35% to SAR 2.16B in 2024; Q4 at SAR 474.3M

National Shipping Company of Saudi Arabia (Bahri) reported a 35% increase in net profit to SAR 2.16 billion for 2024, compared to SAR 1.61 billion in the previous year.

The year-on-year (YoY) profit increase was attributed to higher revenues from several segments, mainly chemicals whose topline rose by SAR 529 million. Bulk cargo’s earnings increased by SAR 208 million, and integrated logistics by SAR 121 million, on improved operations and higher global shipping prices.

Gross profit grew by SAR 627 million, while the company’s share in results of equity accounted investees increased by SAR 166 million YoY.

The increase in net profit was partially offset by the decrease in other income and the increase in the general and administrative expenses.

Q4 net profit jumped 18% YoY to SAR 474.3 million, as several segments reported higher revenue on improved operations and global shipping rates.

On quarterly basis, the company’s net profit declined 6.8% from SAR 509.02 million in Q3 2024, on a drop in revenues from the bulk cargo and chemicals segments as global transportation prices declined.

Shareholders’ equity, excluding minority interest, stood at SAR 13.62 billion by the end of December 2024, compared to SAR 11.83 billion in the year-earlier period.

Attached Documents

View more financial results