KSA-based Bahri records 6% jump in revenue growth at US$2 billion

Bahri, the National Shipping Company of the Kingdom of Saudi Arabia (KSA), has recorded a growth for the first half of 2024 with a 6 per cent jump in its revenue, which soared to SAR5.03 billion (US$1.34 billion), supported by better shipping rates in oil and chemicals markets and larger volumes in dry bulk and logistics. Bahri comprises four business units—oil, chemicals, integrated logistics and dry bulk—and a ship management function shared company-wide. Announcing its financial results for the six-month period ended June 30, Bahri stated the revenue growth was driven by the 24 per cent YoY rise in sales from Chemicals BU and improved contributions from dry bulk and integrated logistics. On a QoQ basis, Q2 revenue was higher by 17 per cent, driven by increases across all business units. The Q2 revenue rose by 15 per cent YoY to SAR2.71 billion, driven by chemical revenue growth and contributions from dry bulk and integrated logistics and supported by supply-demand dynamics in the oil and chemicals shipping market, and larger chemicals and dry bulk volumes transported, and logistics transactions compared to the Q2 of last year. “Bahri had a good first half of this year and delivered commendable operational performance across our divisions. Our success was driven by optimised fleet management and route efficiency, supported by improved market conditions,” CEO Engineer Ahmed Ali Al Subaey said.