BAHRI-

The National Shipping Company of Saudi Arabia (Bahri) saw its net income dip 44.4% y-o-y to SAR 407.5 mn in 2Q 2025, it said in a disclosure to Tadawul yesterday. The figure was pulled down by weaker performances by Bahri Chemicals and Bahri Integrated Logistics due to lower global shipping rates, lower other income, higher finance costs, and G&A expenses compared to the same quarter last year.

MEANWHILE- Revenue slid 9.3% y-o-y to SAR 2.5 bn, primarily due to a decline in global shipping rates across Bahri Chemicals and Bahri Oil.

On a 1H basis, the company’s bottom line fell 20.7% y-o-y to SAR 940.3 mn, while its top line decreased 7.9% y-o-y to SAR 4.6 bn.

Coming off a good year: Bahri reported a 34% y-o-y increase in net income in 2024, reaching SAR 2 bn. Revenues also grew by 8% to roughly SAR 9.5 bn, which the company attributed to higher freight rates and a larger fleet.

ABU DHABI AVIATION-

Abu Dhabi Aviation saw its bottom line nosedive, dropping 74.2% y-o-y to AED 179.1 mn in 2Q 2025, according to the company’s financial statements (pdf). The firm had seen a one-off gain on a bargain purchase for AED 596.8 mn the year before.

Meanwhile, the firm’s revenues saw a 7.1% y-o-y uptick to AED 1.7 bn, supported by strong performance across key subsidiaries, including Etihad Airways Engineering and its maintenance, repair, and overhaul (MRO) operations, according to a separate earnings release (pdf).

On a six-month basis: The company saw its net income decline 45.4% to AED 394.4 mn in 1H 2025, while revenues increased 12.5% y-o-y to AED 3.6 bn, as the impact of its AED 4 bn acquisitions last year was reflected in its financials, providing an AED 259 mn boost. Its general aviation segment saw a 15% y-o-y dip in revenues, while its MRO operations saw 6% yearly growth, and its investments sector recorded a 9% y-o-y uptick.

MILAHA-

Qatar Navigation (Milaha) saw its bottom line surge by nearly 7% y-o-y — based on our calculations — to QAR 671 mn in 1H 2025, propelled by stronger performance in its port operations and logistics unit, according to an earnings release (pdf) published Thursday. The firm’s operating revenues also increased around 11% y-o-y to QAR 1.6 bn during the same period.

All is well on the logistics front: Milaha Maritime and Logistics reported a QAR 380 mn bottomline for 1H — a QAR 54 mn y-o-y increase — standing out as the firm’s best performing arm. This was followed by Milaha Offshore, which saw its bottom line rise by QAR 16 mn y-o-y to reach QAR 132 mn, bolstered by a greater variety of projects and the acquisition and operation of additional vessels in 2H 2024.

REFRESHER- Milaha’s net income rose 2.5% y-o-y to QAR 374 mn in 1Q 2025, while its top line saw a y-o-y increase of 1.6% to QAR 759 mn in the first quarter. The firm’s bottom line gains were driven by a QAR 30 mn y-o-y rise in Milaha’s maritime and logistics division’s net income, with port operations again a notable growth driver.

Milaha’s been expanding its services: Milaha launched a new weekly Short Sea Med

service, MTX 2, earlier this year to connect Turkey, mainland Spain, and the Canary Islands. The Saudi Port Authority (Mawani) also added Milaha’s Inta Gulf Express service — with a total capacity of 1k TEUs — to Dammam’s King Abdulaziz Port back in April.

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