BAHRI-

Saudi national shipping company Bahri’s bottom line surged 34% y-o-y to SAR 2.17 bn (c. USD 578.5 mn) in 2024, according to the firm’s financial statement (pdf). The firm’s topline also rose 8% y-o-y to SAR 9.48 bn during the same period, driven by higher freight rates and increased cargo volumes from fleet expansion.

On a quarterly basis, Bahri recorded about 18% y-o-y rise in net income to SAR 474 mn, while its revenues increased 10% y-o-y to SAR 2.22 bn.

Behind the numbers: Bahri’s bottomline surge was also driven in part by improved profitability of LPG transporter and distributor Petredec Group, which is now 40% owned by Bahri after it expanded its stake by 10% last November.

Bahri has been doubling down on fleet modernization and expansions, increasing its fleet size from 88 to 93 by the end of 2024 with 11 new additions and five divestments. It also inked a USD 1 bn agreement for nine VLCC vessels back in August that is supported by a USD 756 mn Murabaha financing agreement with AlinmaBank. The shipping giant is also looking to build a fleet of 20-30 LNG tankers, CEO Ahmed Ali Al Subaey said back in September.

EASYLEASE-

Mobility solutions firm EasyLease Motorcycle Rental — a subsidiary of the UAE’s International Holding Company — reported a net income of AED 42.7 mn in 2024, marking an 18.4% y-o-y increase compared to 2023, according to the company’s financials (pdf). The firm’s revenues rose by 52.7% y-o-y to AED 455.7 mn during the same period.

The company focused on scaling through strategic acquisitions and “organic business development” throughout the year, according to an earnings release (pdf). The acquisitions included sizable stakes in logistics services firm Gallega Global Logistics and transportation technology company United Trans. The financial results were also influenced by launching new ventures in vehicle rentals and roadside assistance, the statement said.

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