War volatility sends Bahri’s 1Q bottom line rocketing 300%

A few more earnings roll in: Some more players are out with their latest financials, giving us a glimpse into their performance for the first quarter of the year.

Bahri

The National Shipping Company of Saudi Arabia (Bahri) posted a 303% y-o-y jump in net income last quarter to SAR 2.2 bn and a 129% increase in revenue to SAR 5 bn, it said in an earnings release (pdf). The jump was driven by growth across Bahri Oil, which saw its revenue jump 241%, and Bahri Chemicals, which saw a more modest 14% increase in revenue over the quarter.

Using the war to its advantage: Bahri reaped the rewards of war-induced market conditions, where heightened geopolitical tensions lifted freight rates. Despite disruptions to tanker traffic through the Strait of Hormuz and a shift toward the Red Sea corridor, Bahri maintained full fleet deployment and increased chartering activity to meet elevated demand, capitalizing on the volatility.

REMEMBER- Bahri has been supporting the Kingdom’s Red Sea pivot via Yanbu port during the Hormuz disruption, chartering supertankers at record rates early in the war.

Bupa Arabia

Bupa Arabia posted a 1.9% y-o-y increase in net income last quarter to SAR 387.3 mn, according to a Tadawul disclosure. The modest improvement was driven by higher investment income (up 5.5%) and stronger other revenue (up 40.7%), though partially offset by increased operating expenses (up 14.7%) and a weaker ins. service result (down 6.9%) due to inflationary pressures. Ins. revenue expanded 18.8% to SAR 5.2 bn.

Saudi Re.

Saudi Reins. Co. (Saudi Re) recorded a 32% y-o-y rise in net income to SAR 46.7 mn in 1Q 2026 on the back of ins. revenues surging 73.2% y-o-y to SAR 560 mn, according to a Tadawul disclosure. Other factors contributing to the company’s growth for the quarter include overall business expansion, a 56% rise in reins. gains, and an 8% increase in net investment gains.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)