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Bahri 2024 profit rises to $533m as revenue jumps 8%

A VLCC in Rotterdam. Bahri expects three VLCCs and one dry bulk carrier, delivered last year, to be operational in the first quarter of 2025 Alamy/Martin Witte
A VLCC in Rotterdam. Bahri expects three VLCCs and one dry bulk carrier, delivered last year, to be operational in the first quarter of 2025

Net profit at the National Shipping Company of Saudi Arabia (Bahri) surpassed the SAR2 billion ($533.2 million) mark for the first time in its history as revenue increased as a result of its fleet expansion.

Net profit for 2024 reached SAR2.2 billion, rising 34 percent year on year. Revenues hit a record high of SAR9.5 billion, rising 8 percent annually, thanks to higher cargo volumes from fleet expansion and increased freight rates.

In addition, the company recorded an increase in income from associated companies compared to the prior year.

“2024 was more than just a record-breaking year for Bahri,” said CEO Ahmed Ali Al Subaey, adding that the company modernised and expanded its fleet through the addition of five vessels.

Capital expenditures reached SAR5.5 billion in 2024, up from SAR1.7 billion a year ago, primarily driven by a SAR4.82 billion investment in fleet modernisation and expansion.

As a result of increased borrowings and lower cash reserves, net debt rose to SAR7.9 billion last year, up from SAR5.4 billion a year ago.

The shipping major expects three very large crude carriers (VLCCs) and one dry bulk carrier, delivered late last year, to be operational in the first quarter of 2025.

Bahri said seven more VLCCs will join the fleet during the first half of 2025. In addition, the company operated 16 vessels under long-term lease agreements of more than one year, up from 10 in the previous year.

The total operated fleet, comprising owned and leased vessels, reached 109 vessels in 2024, compared to 98 in 2023.