Driving the news: Saudi Arabia’s National Shipping Company (Bahri) posted a net profit of SAR 5.08 billion ($1.35 billion) in the third quarter of 2026. That figure marks an 890% rise from SAR 513.4 million ($136.9 million) in the same quarter last year. In other words, profit reached nearly 9.9 times its level a year earlier.
Why it matters: Revenue climbed even faster. It jumped 503.7% to SAR 14.82 billion ($3.95 billion). Bahri announced the results on Wednesday in a statement on the Saudi Exchange (Tadawul). Moreover, the quarter beats the company’s previous record, set just three months earlier.
Oil Transport Leads the Surge
Zoom in: Bahri said higher gross profit explains most of the jump. Gross profit rose by about SAR 4.5 billion ($1.2 billion). The company credited busier operations and higher global freight rates across several segments.
Bahri Oil did the heavy lifting. Its gross profit climbed by roughly SAR 4.4 billion ($1.17 billion). As a result, the crude and tanker arm delivered nearly the entire gain.
The other segments added smaller sums. Bahri Integrated Logistics raised gross profit by SAR 59 million ($15.7 million). Bahri Chemicals added SAR 53 million ($14.1 million). Both figures compare the third quarter with the same period last year.
Investments and Financing Add Support
Several other lines also helped. Earnings from equity-accounted investments rose by SAR 240 million ($64 million). Finance income grew by SAR 30 million ($8 million). In addition, finance costs fell by SAR 23 million ($6.1 million).
However, one item trimmed the gain. Net other income dropped by SAR 102 million ($27.2 million). Even so, the overall effect stayed strongly positive.
By the numbers:
- Net profit: SAR 5.08 billion ($1.35 billion), up 890% year on year.
- Year-ago profit: SAR 513.4 million ($136.9 million).
- Quarter on quarter: up 85.1% from SAR 2.74 billion ($730.7 million) in the second quarter.
- Revenue: SAR 14.82 billion ($3.95 billion), up 503.7%.
- Year-ago revenue: SAR 2.45 billion ($653.3 million).
- Gross profit: up about SAR 4.5 billion ($1.2 billion).
- Bahri Oil gross profit: up SAR 4.4 billion ($1.17 billion).
- Logistics and chemicals gross profit: up SAR 59 million ($15.7 million) and SAR 53 million ($14.1 million).
- Equity-accounted income: up SAR 240 million ($64 million).
- Finance income and costs: income up SAR 30 million ($8 million); costs down SAR 23 million ($6.1 million).
- Net other income: down SAR 102 million ($27.2 million).
A Record Run Through 2026
The big picture: The third quarter extends a powerful streak. Bahri reported a 303% profit jump in the first quarter, as higher tanker rates and shipping disruption in the Arabian Gulf boosted earnings. That quarter’s profit reached SAR 2.15 billion ($573 million).
Then the second quarter went higher. Net profit hit SAR 2.75 billion on revenue of SAR 6.31 billion, driven mainly by crude oil transport and elevated freight rates. First-half profit reached SAR 4.90 billion, up 421% from a year earlier. That sum equals about $1.31 billion.
Adding the third quarter, nine-month profit now approaches SAR 10 billion, or about $2.66 billion. By contrast, third-quarter profit in 2025 rose only 1% year on year, as higher depreciation and finance costs tempered growth. The shift in one year is dramatic.
Bahri’s balance sheet has strengthened alongside its earnings. Net debt fell 34% year on year to SAR 6.62 billion by the end of June 2026, and the net debt-to-EBITDA ratio dropped to 0.72x from 2.19x. The company’s net debt stood at about $1.77 billion at that point. Consequently, Bahri now has far more room to invest.
Fleet growth supports that outlook. Bahri’s owned fleet reached a record 107 vessels at the end of June 2026, and its newbuild orderbook stands at 12 vessels for delivery between 2026 and 2030. Chief Executive Eng. Ahmed Ali Al Subaey said the company navigated “an unprecedented volatile operating environment in the Arabian Gulf” during the second quarter.
Bahri also holds a strategic place in the Kingdom’s energy chain. Arabic-language energy reporting describes it as one of the world’s largest owners and operators of very large crude carriers. Therefore, its results offer a useful read on global tanker markets.
What’s next: The key question is whether freight rates stay elevated. Higher rates drove much of this quarter’s windfall, so any easing would affect future results. Meanwhile, Bahri keeps expanding its fleet and trimming debt.
Investors will also watch Bahri Oil, which now generates most of the group’s gains. At the same time, the logistics and chemicals units continue to grow from a smaller base. Together, these trends position the company for a strong close to 2026.
