The National Shipping Company of Saudi Arabia (Bahri), listed on the Saudi Exchange, has announced its financial results for Q2 and H1 2024.
The company reported a 48 per cent rise in net profit for Q2 2024 and a 20 per cent increase for H1 2024, driven by higher shipping volumes, improved rates for oil and chemicals transportation, and better cost efficiencies compared to 2023.
Financial performance:
- Q2 2024 revenues: Increased by 15 per cent YoY to SAR 2.71B.
- H1 2024 revenues: Rose by 6 per cent to SAR 5.03B, supported by better shipping rates and larger volumes in chemicals, dry bulk, and logistics.
- Q2 2024 net profit: Grew 48 per cent YoY to SAR 733M.
- H1 2024 net profit: Increased 20 per cent YoY to SAR 1.19B.
- Net debt-to-EBITDA ratio: Improved 20 per cent YoY to 1.36x.
- Cash flow: Stood at SAR 227M as of H1 2024.
- Fleet expansion: Added two VLCCs, one multipurpose vessel, and six chemical tankers on long-term lease contracts.
CEO Ahmed Ali Al Subaey commented, “Bahri had a strong first half of this year, driven by optimised fleet management and improved market conditions. We focus on strategic fleet expansion and modernisation, aligning with Saudi Arabia’s Vision 2030.”
Business unit performance:
Bahri’s operations include four business units: oil, chemicals, integrated logistics, and dry bulk, with a company-wide ship management function.
- H1 2024 revenues: Grew by 6 per cent YoY to SAR 5.03B, driven by a 24 per cent YoY increase in revenue from the chemicals unit and contributions from dry bulk and integrated logistics.
- Q2 2024 revenue: Increased 15 per cent YoY to SAR 2.71B.
- Q2 2024 revenue: Rose 17 per cent from the previous quarter.
- EBITDA margin: Expanded to 48 per cent in H1 2024 from 44 per cent in H1 2023.
Strategic initiatives:
In April 2024, Bahri started operations of its first mobile seawater desalination plant, the largest of its kind, off Yanbu, Saudi Arabia. In June 2024, Bahri announced a cash dividend of SAR0.55 per share. CFO Basil Abulhamayel noted strong earnings of SAR 1.19B for H1 2024, a 20 per cent increase from the previous year.
