Bahri profit rises 34% to SAR 2.16 billion in 2024

The National Shipping Co. of Saudi Arabia (Bahri) posted a 34% increase in net profit to SAR 2.16 billion ($576 million) in 2024, up from SAR 1.6 billion a year earlier, according to preliminary financial results for the period ended Dec. 31.

Operating profit rose 20% to SAR 2.6 billion, compared to SAR 2.1 billion in 2023.

Shareholders’ equity, excluding minority interests, increased 38% to SAR 13.6 billion, up from SAR 11.8 billion the previous year.

Earnings per share climbed to SAR 2.94 from SAR 2.19 in 2023.

In a statement on Tadawul, Bahri attributed the revenue growth to higher earnings from multiple sectors, particularly a SAR 529 million rise in Bahri Chemicals, a SAR 208 million increase in Bahri Dry Bulk, and a SAR 121 million gain in Bahri Integrated Logistics, driven by higher operational activity and rising global shipping rates.

However, revenue from Bahri Oil declined by SAR 192 million year-on-year.