{"id":82113,"date":"2024-11-04T00:00:00","date_gmt":"2024-11-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/11\/04\/bahris-net-income-increases-127-y-o-y-in-3q-2024\/"},"modified":"2024-11-04T00:00:00","modified_gmt":"2024-11-04T00:00:00","slug":"bahris-net-income-increases-127-y-o-y-in-3q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/11\/04\/bahris-net-income-increases-127-y-o-y-in-3q-2024\/","title":{"rendered":"Bahri\u2019s net income increases 127% y-o-y in 3Q 2024"},"content":{"rendered":"

<\/strong>Saudi national shipping company Bahri\u2019s 3Q 2024 bottom line increased <\/strong>127% <\/strong>y-o-y to SAR 509 mn (c. USD 135 mn)<\/strong>, according to financial statements (pdf)<\/a>. The firm's topline rose by 11% y-o-y to SAR 2.2 bn on the back of higher volumes due to increases in owned and chartered vessels as well as a surge in shipping rates. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

On a nine-month basis: <\/strong>Bahri recorded a 40% y-o-y increase in net income to SAR 1.70 bn in 9M 2024, while the company\u2019s revenues rose 8% y-o-y to SAE 7.2 bn. The increase in earnings was supported by favorable demand-supply conditions in the chemicals and oil shipping segments, profit margin improvement from fleet modernization and expansion, schedule optimization, as well as sustained cost discipline. <\/p>\n

REMEMBER- <\/strong>Bahri has been doubling down on fleet modernization, inking a USD 1 bn<\/a> agreement for nine oil tankers (VLCCs) in August that is supported by a USD 756 mn Murabaha financing agreement<\/a> with Alinma Bank. The shipping giant is also looking to build a fleet of 20-30 LNG tankers<\/a>, CEO Ahmed Ali Al Subaey said in September.<\/p>\n","protected":false},"excerpt":{"rendered":"

The firm\u2019s net income increased 40% y-o-y in 9M 2024<\/p>\n","protected":false},"author":1,"featured_media":82114,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[175],"tags":[198,174,31],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-bahri","tag-earnings-watch","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"12b65cae-e249-40a5-9f70-6f30ef89cd73","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/855.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Bahri\u2019s net income increases 127% y-o-y in 3Q 2024","related_issue":[82101],"teaser":"The firm\u2019s net income increased 40% y-o-y in 9M 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.c773e744-ec18-42fd-a4a5-a671830e458c.mp3"},"yoast_head":"\nBahri\u2019s net income increases 127% y-o-y in 3Q 2024 - 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