Bahri profit jumps 587% to SAR 9.98 billion on oil tankers

Summary

• Bahri posted SAR 9,981.65 million in nine-month net profit for 2026, up 586.7% year-on-year.
• Revenue rose 268.4% to SAR 26,096.39 million, with oil transport adding roughly SAR 12 billion.
• Third-quarter profit alone reached SAR 5,085.63 million, resetting expectations for the fourth quarter.

The latest

Saudi shipping group Bahri reported net profit of SAR 9,981.65 million for the first nine months of 2026, against SAR 1,453.63 million a year earlier, a jump of 586.7%, according to Argaam, citing the company's Tadawul filing. Revenue climbed 268.4% to SAR 26,096.39 million from SAR 7,083.75 million. The company tied the surge to higher operating activity and global freight rates.

Details

• The headline number: Nine-month net profit reached SAR 9,981.65 million in 2026, against SAR 1,453.63 million in the same period of 2025, according to Argaam. That is a gain of 586.7%, close to seven times the prior-year result, alongside a revenue base that itself nearly quadrupled.
• The quarter: Third-quarter net profit alone came in at SAR 5,085.63 million against SAR 513.36 million a year earlier, a rise of 890.7%. The single quarter accounted for more than half of the nine-month total, marking how late the earnings acceleration arrived.
• Sequential momentum: Third-quarter profit was 85.1% above the second quarter of 2026, which stood at SAR 2,746.82 million. The step-up shows the gain was not a one-off base effect against a weak 2025 comparison, with each quarter outpacing the one before it.
• Quarterly revenue: Revenue for the third quarter reached SAR 14,826.78 million against SAR 2,455.80 million in the same quarter of 2025, roughly a sixfold increase. That single quarter delivered well over half of the SAR 26,096.39 million booked across the nine-month period.
• Per-share earnings: Nine-month earnings per share stood at SAR 10.82, compared with SAR 1.58 a year earlier, according to Argaam. The per-share figure rose slightly slower than net profit, the standard reference point for shareholders assessing how much of the surge reached the individual investor.
• Company explanation: Bahri attributed the revenue growth to higher operating activity and global freight rates versus the third quarter of 2025, particularly in the oil tanker segment, according to Ajel. The filing framed the result as market-driven rather than the product of any structural change.
• Segment breakdown: Oil transport revenue rose by roughly SAR 12 billion, integrated logistics by about SAR 250 million, and dry bulk by some SAR 41 million, Ajel reported. Oil tankers account for almost the entire increase, with the other segments contributing a marginal share.
• Disclosure limits: The company did not publish a profit outlook for the fourth quarter, nor did it set out how long it expects elevated tanker rates to hold. No dividend decision tied to the nine-month result was announced alongside the figures.

Background

Bahri is Saudi Arabia's national maritime transport company, listed on Tadawul, operating across oil transport, chemicals, dry bulk and integrated logistics. Its earnings track global tanker charter rates closely, which makes shipping-market disruption a direct driver of its quarterly results rather than a background condition.

Between the lines

With roughly SAR 12 billion of the revenue increase coming from oil transport alone, and the other two segments adding under SAR 300 million combined, the result is effectively a single-segment story. The same freight-rate conditions that produced an 890.7% quarterly profit jump would, if they normalize, remove most of the gain just as quickly, since nothing in the disclosed figures points to a structural shift.

What's next

Fourth-quarter and full-year 2026 results will show whether tanker rates held at third-quarter levels. Watch any Tadawul filing on dividends tied to the nine-month profit, and segment revenue disclosure for oil transport in the next report.

Source: Argaam, Ajel