Riyadh – Mubasher: The National Shipping Company of Saudi Arabia (Bahri) recorded a 34.45% year-on-year (YoY) hike in net profit to SAR 2.16 billion during 2024, compared to SAR 1.61 billion.
The revenues hit SAR 9.48 billion as of 31 December 2024, up 8.03% from SAR 8.77 billion a year earlier, according to the financial income results.
Earnings per share (EPS) climbed to SAR 2.94 last year from SAR 2.19 in 2023.
Financials for Q4-24
In the fourth quarter (Q4) of 2024, the company’s net profits reached SAR 474.26 million, an annual leap of 18.20% from SAR 401.23 million.
Revenues grew by 9.53% to SAR 2.21 billion in October-December 2024 from SAR 2.02 billion a year earlier.
Quarterly, the net profits in Q4-24 dropped by 6.82% from SAR 509.02 million in Q3-24, whereas the revenues fell by 1.07% from SAR 2.24 billion.
Ahmed Ali Al Subaey, CEO of Bahri, commented: “2024 was more than just a record-breaking year for Bahri – it was a pivotal year that laid the foundation for our future. We took strategic steps to reinforce Bahri’s position as a global leader in shipping and logistics by modernising and expanding our fleet, with a net addition of five vessels.”
“We also grew our customer base and secured new demand channels, supported by the trust and reputation for reliability we have built in the market, along with the strength of our partnerships and our employees’ unrelenting focus on consistently exceeding expectations,” Al Subaey mentioned.
He added: “Our journey remains firmly directed towards delivering sustained, value-accretive growth for our shareholders, championing the transformation of the Kingdom’s shipping and logistics sector in line with Vision 2030, and strengthening our role as a vital and responsible participant in the global supply chain.”
