Bahri Shares Rally as Q3 Earnings Surge on Higher Freight Rates, Energy Transport Demand

05:34 AM EDT, 10/28/2026 (MT Newswires) -- Shares of the National Shipping Co. of Saudi Arabia (SASE:4030), d/b/a Bahri, climbed over 5% on Wednesday after the Tadawul-listed company reported a surge in third-quarter earnings as global freight rates rise and energy transport demand grows amid persistent regional shipping disruptions. For the three months ended Sept. 30, the shipping company posted an 891% year-over-year jump in net profit attributable to shareholders to 5.09 billion Saudi riyals. Revenue also shot up 504% to 14.83 billion riyals. The company's top line expanded rapidly, driven primarily by a 913% year-on-year surge in Bahri Oil revenue to 13.33 billion riyals. This massive growth was fueled by higher charter-in volumes and "materially higher" realized very large crude carrier freight rates resulting from regional maritime security risks and shipping disruptions restricting vessel availability. While the oil division led the charge, Bahri's other business units also capitalized on the market climate, with Chemicals & Products, Integrated Logistics, and Dry Bulk all posting year-over-year revenue gains. For the first nine months of the year, Bahri also saw its revenue climb 268% annually to 26.10 billion riyals, while attributable net profit skyrocketed 587% to 9.98 billion riyals. "Looking ahead, we are entering the next phase of Bahri's growth from a position of strength. We are continuing to modernize and diversify our fleet, strengthen our core shipping and logistics businesses and expand selectively into new segments, including gas and ammonia transportation. Our focus remains on disciplined growth that strengthens Bahri's competitiveness, supports the Kingdom's expanding trade and maritime ambitions, and creates sustainable long-term value for our shareholders," Bahri Chief Executive Officer Ahmed Ali Al Subaey said.