03 AUG 2025

Bahri posts SAR 940 million net profit in H1 2025 and expands fleet to 103 vessels

• H1 2025 EBITDA of SAR 2.30 billion and net profit of SAR 940 million, supported by a larger Bahri-owned fleet
• 11 new vessels added in H1, reinforcing Bahri’s global fleet and operational scale
• Completed the commercial deployment of all three desalination barges, further diversifying Bahri’s business portfolio

Riyadh, Kingdom of Saudi Arabia, 03 August 2025: The National Shipping Company of Saudi Arabia (Bahri or the Company, 4030 on the Saudi Exchange), the Kingdom’s leading shipping and logistics provider, today announced its financial results for the second quarter and first half of 2025, reporting solid operational and financial performance.

Bahri recorded a net profit of SAR 407 million in Q2 2025 and SAR 940 million for the first half of the year. Q2 revenue rose 14 percent compared to the previous quarter, reaching SAR 2.46 billion, but was lower by 9% against the prior-year period. Quarter-on-quarter growth was driven by stronger freight rates and an increase in trading days across core business units, while the decline against the previous year was mainly due to normalization of the chemicals and clean petroleum products shipping market. EBITDA for the first half reached SAR 2.30 billion, with a 50 percent margin. This reflects improved cost discipline and stronger performance from the owned fleet.

Eng. Ahmed Al Subaey, Chief Executive Officer of Bahri, commented:

"We are solidifying Bahri’s leadership position in the shipping and logistics sector and gained significant momentum over the past 12 months, acquiring 19 modern vessels to bring our fleet to a total of 103 vessels today. We have done this expansion prudently and ensured that every vessel adds value and broadens our service offerings for our global clients. In 2024’s highly supportive market, we opportunistically expanded our owned fleet while maintaining balance sheet health. In this year’s more dynamic market environment, we are leveraging our larger, younger fleet to achieve cost efficiencies to protect our margins. Bahri's key strengths have always included resilience and agility, and these strengths continue to hold true.

Looking at the second quarter, Bahri Oil maintained resilient EBITDA performance, leveraging its larger, more efficient VLCC fleet. Bahri Chemicals and Dry Bulk have pivoted from last year’s reliance on leased vessels to capture a demand surge and are now deploying higher margin owned tonnage after expanding their fleets, supported by disciplined chartering. Meanwhile, Integrated Logistics is focused on driving higher productivity of its asset base. I'm also proud to announce that we have successfully launched all three of our desalination barges, adding a stable cashflow stream to Bahri's diversified portfolio.

We remain steadfast on creating value for our shareholders. This conviction allows us to convert our financial and operational strength directly into tangible shareholder value. As a result, our General Assembly approved a SAR 1.00 per share cash dividend and a 25 percent bonus share issuance. We are steadily on course to transform Saudi Arabia's shipping and logistics sector, and we have one of the most diversified asset bases for delivering value through every cycle of the market.”

The Company’s investment in scrubber technology has grown significantly over the past year. As of June 2025, 69 percent of Bahri’s VLCC fleet is equipped with exhaust gas cleaning systems, up from 38 percent at the same point last year. These upgrades are helping reduce sulfur oxides emissions, enhance cost efficiency, and ensure compliance with international environmental regulations. This aligns with Bahri’s broader sustainability objectives and its commitment to responsible maritime operations.

Looking ahead, Bahri remains cautiously optimistic about the second half of the year. The Company will continue to prioritize fleet productivity, leverage chartering opportunities, and drive resilience and agility across its business units. With an expanded fleet, strong financial foundation, and growing demand across key shipping segments, Bahri is well-positioned to sustain momentum and deliver long-term growth.