Dubai – The Saudi National Company for Maritime Transport, known as Al-Bahri, announced a net profit of 9.98 billion riyals, equivalent to approximately 2.66 billion dollars, for the first nine months of 2026. This figure represents a substantial increase of 587 percent on an annual basis, marking a significant turnaround for the state-owned entity. The robust financial results were primarily attributed to strong performance in the oil transportation sector, alongside higher shipping rates that resulted from ongoing geopolitical tensions in the region.
Revenue Growth and Operational Highlights
In conjunction with the profit surge, revenues climbed by 268 percent to reach 26.10 billion riyals, or roughly 6.96 billion dollars. This stands in sharp contrast to the 7.08 billion riyals recorded during the same period in 2025. The company highlighted that this growth was fueled by improved shipping prices and increased activity among its chartered tankers, particularly within the Al-Bahri Oil segment, which benefited from elevated rates for large crude carriers due to regional shipping disruptions.
For the third quarter alone, revenues jumped 504 percent to 14.83 billion riyals, compared to 2.46 billion riyals in the previous year. Net profit for the quarter also soared by 891 percent to 5.09 billion riyals. However, the EBITDA margin contracted to 39 percent in Q3 from 51 percent a year ago, a decline the firm linked to a higher proportion of revenue coming from lower-margin chartered vessels, despite improved margins on its owned fleet.
Financial Position and Cash Flow Dynamics
Earnings before interest, taxes, depreciation, and amortization rose 240 percent to 12.07 billion riyals for the nine-month period. Operating cash flows increased by 83 percent to 4.07 billion riyals, while capital expenditures dropped significantly by 69 percent to 1.08 billion riyals. Consequently, free cash flow turned positive at 2.99 billion riyals, reversing a deficit of 1.31 billion riyals seen previously. Net debt decreased by 17 percent to 8.16 billion riyals, improving the net debt-to-EBITDA ratio to 0.59 times from 2.11 times.
Strategic Expansion and Safety Incidents
Al-Bahri expanded its operational capabilities by acquiring three used medium-sized gas carriers, entering the liquefied petroleum gas and ammonia transport markets. The first vessel entered service in September, with two more expected by late 2026 and early 2027. Additionally, the fifth chemical tanker began operations, and the company sold its stake in National Grains Company. CEO Ahmed Al-Subaie emphasized the resilience of their business model but expressed regret over two security incidents in Q3 involving crew fatalities, reaffirming safety as a top priority.
This story was produced in the newsroom from the disclosed sources named above.
