The National Shipping Company of Saudi Arabia (Bahri) announces its interim financial results for the period ending on 30-06-2026 (Six Months)

Bahri reported a record net profit of $2.75 billion for Q2 2026, a 574% year-on-year increase, supported by quarterly revenue of $6.31 billion (+156% YoY). The performance was primarily driven by the Bahri Oil unit, which capitalized on elevated freight rates and increased charter-in activity resulting from geopolitical tensions in the Middle East.
First-half 2026 net profit reached $4.90 billion (+421% YoY), while net operating cash flow for Q2 grew 280% YoY to $2.53 billion. Strong cash generation enabled the company to improve its net debt-to-EBITDA ratio to 0.72x, down from 2.19x in Q2 2025, and achieve a positive free cash flow of $3.25 billion for the half-year.
Fleet modernization continued with the acquisition of five chemical tankers and the divestment of one VLCC, bringing the total owned fleet to a record 107 vessels. Additionally, the company secured its long-term pipeline by signing a $207 million contract for two RoCon newbuild vessels for delivery in 2030.

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	6,305.39	2,461.32	156.179	4,964.22	27.016
Gross Profit (Loss)	2,800.88	695.92	302.471	2,302.42	21.649
Operational Profit (Loss)	2,756.72	520.17	429.965	2,218.5	24.26
Net Profit (Loss) Attributable to Shareholders of the Issuer	2,746.82	407.45	574.148	2,149.21	27.806
Total Comprehensive Income Attributable to Shareholders of the Issuer	2,558.69	378.55	575.918	2,102.27	21.71
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	11,269.61	4,627.96	143.511
Gross Profit (Loss)	5,103.3	1,343.75	279.78
Operational Profit (Loss)	4,975.22	1,064.84	367.227
Net Profit (Loss) Attributable to Shareholders of the Issuer	4,896.02	940.27	420.703
Total Comprehensive Income Attributable to Shareholders of the Issuer	4,660.96	880.52	429.341
Total Shareholders Equity (after Deducting Minority Equity)	19,007	13,767	38.062
Profit (Loss) per Share	5.31	1.02
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is	The main reason for the increase in revenues during the current quarter compared to the same quarter of last year was due to: The increase in revenues across all business units, particularly the Bahri Oil BU, whose revenues increased by SAR 3.4 billion, the Bahri Integrated Logistics BU increased by SAR 160 million and the Bahri Chemicals BU increased by SAR 133 million. This was mainly driven by increased operational activities and higher global freight rates during the current quarter compared to the same quarter of last year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The main reason for the increase in net profit during the current quarter compared to the same quarter of last year was due to: - Gross profit increased by SAR 2.1 billion, driven by improved operational performance and higher global freight rates across several of the Group’s business units. Gross profit in Bahri Oil BU increased by SAR 1.8 billion, while Bahri Chemicals BU recorded an increase by SAR 233 million during the current quarter compared to the same quarter of last year. - Share of results from equity-accounted investees increased by SAR 131 million during the current quarter compared to the same quarter of last year. - Other income increased by SAR 73 million during the current quarter compared to the same quarter of last year, mainly due to the recognition of a capital gain from the sale of a vessel during the current quarter. - Finance income increased by SAR 30 million, in addition to a decrease in finance costs of SAR 25 million during the current quarter compared to the same quarter of last year.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is	The main reason for the increase in revenues during the current quarter compared to the previous quarter was due to: Revenue increased across all business units, particularly Bahri Oil BU whose revenues increased by SAR 986 million, Bahri Integrated Logistics BU increased by SAR 152 million, Bahri Chemicals BU increased by SAR 103 million and Bahri Dry Bulk BU increased by SAR 99 million. This was primarily driven by increase in operational activities and higher global freight rates during the current quarter compared to the previous quarter.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is	The main reason for the increase in net profit during the current quarter compared to the previous quarter was due to: - Gross profit increased by SAR 498 million, driven by improved operational performance and higher global freight rates across several of the Group’s business units. Gross profit in Bahri Oil BU increased by SAR 370 million, while Bahri Chemical BU recorded an increase of SAR 78 million during the current quarter compared to the previous quarter. - Other income increased by SAR 57 million during the current quarter compared to the previous quarter, mainly due to the recognition of a capital gain from the sale of a vessel during the current quarter. - Share of results from equity-accounted investees increased by SAR 49 million during the current quarter compared to the previous quarter.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is	The main reason for the increase in revenues during the current period compared to the same period of the last year was due to: Revenue increased across all business units, particularly Bahri Oil BU whose revenues increased by SAR 6 billion, Bahri Chemicals BU increased by SAR 233 million, Bahri Integrated Logistics BU increased by SAR 179 million and Bahri Dry Bulk BU increased by SAR 98 million. This was primarily driven by increase in operation activities and higher global freight rates during the current period compared to the same period of last year.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The main reason for the increase in net profit during the current period compared to the same period of the last year was due to: - Gross profit increased by SAR 3.8 billion, primarily driven by improved operational performance and higher global freight rates across all the Group’s business units. Gross profit of Bahri Oil BU increased by SAR 3.3 billion, while Bahri Chemicals BU recorded an increase of SAR 379 million during the current period compared to the corresponding period of the previous year. - Share of results from equity-accounted investees increased by SAR 112 million during the current period compared to the same period of last year. - Other income increased by SAR 88 million during the current period compared to the same period of last year, mainly due to the recognition of a capital gain from the sale of a vessel. In addition, finance income increased by SAR 52 million during the current period compared to the same period of last year.
Statement of the type of external auditor's report	Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)	None
Reclassification of Comparison Items	Certain comparative figures for the previous period have been reclassified to conform with the presentation adopted in the current period.
Additional Information	For more information, please refer to the Earnings Release attached to the announcement.
Attached Documents	Attached Documents