Bahri Reports Significant Growth in Fourth Quarter and Full Year 2024 Financial Performance

Bahri's 2024 Financial Triumphs

In an impressive showcase of operational excellence, Bahri, the National Shipping Company of Saudi Arabia, has reported its fourth-quarter and full-year financial results for 2024. The company has surpassed SAR 2 billion in annual net profit for the first time, marking a historic net profit of SAR 2.17 billion, reflecting a year-on-year growth of 34%. Furthermore, total revenue for 2024 reached SAR 9.48 billion, an 8% increase from the previous year.

The Fourth Quarter Highlights

In the fourth quarter of 2024, Bahri recorded a net profit of SAR 474 million, a notable increase of 18% compared to the same period in 2023. These results are attributed to sustained revenue growth driven by favorable freight rates, expanded cargo volumes, and efficient voyage planning. The revenue for Q4 2024 climbed to SAR 2.22 billion, representing a 10% year-on-year rise.

This increase in revenue is largely due to the expansion of Bahri's fleet and optimized operational strategies. The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for Q4 saw a remarkable 13% increase year-on-year, rising to SAR 1.12 billion, with EBITDA margins widening to 50%. Effective cost management practices and enhancements in voyage efficiency contributed to this growth.

Full Year 2024 Achievements

For the entirety of 2024, Bahri achieved groundbreaking results, with its annual EBITDA soaring by 23% to SAR 4.71 billion. Effective cost management and a strategic approach to fleet modernization have played a significant role in this success. Alongside the overall revenue growth, Bahri also enjoyed a substantial boost in income from associated companies, driven by increased equity in Petredec Group.

The company's capital expenditures reached SAR 5.48 billion, emphasizing its commitment to fleet enhancement and modernization, solidifying its position in the global shipping market. The 2024 fiscal year also saw the addition of 11 vessels to its owned fleet, showcasing a robust approach to fulfilling growing market demands.

Strategic Expansion and Future Outlook

Eng. Ahmed Ali Al Subaey, Chief Executive Officer of Bahri, expressed confidence in the company's future, emphasizing that 2024 laid a crucial foundation for growth. The initiative's alignment with Saudi Arabia's Vision 2030 strategy further strengthens Bahri's commitment to transforming the shipping and logistics sector.

Bahri's recent achievements are complemented by strategic expansions such as the introduction of mobile seawater desalination barges and the commencement of operations at the Yanbu Grain Handling Terminal. These innovations not only enhance operational capabilities but also showcase Bahri's dedication to addressing pressing resource needs in the region.

Looking ahead, Bahri aims to continue prioritizing operational excellence and innovation. The recent partnerships formed to navigate the increasing shipping requirements for LPG and ammonia reflect the company’s determination to adapt and expand in a rapidly evolving market.

With a focus on resilience, efficiency, and market agility, Bahri stands poised to further strengthen its global leadership position in shipping and logistics, delivering sustained, value-accretive growth for its shareholders while supporting national objectives.